MELBOURNE (Standard&Poor's) July 31, 2008--Standard&Poor's Ratings Services said today that its ratings on National Australia Bank Ltd. (NAB, AA/Negative/A-1+) and NAB's subsidiaries are unchanged following the bank's announcement today that Mr. Cameron Clyne will be the new Group CEO. We consider that this appointment will not materially change the bank's strategy and consequently NAB's credit quality. This is because the appointment is part of an orderly succession plan and Mr. Clyne has been a senior member of the NAB group's management for more than four years. Furthermore, apart from Mr. Clyne's replacement, all other senior executives are expected to remain in their current roles.
