MELBOURNE (Standard&Poor's CreditWire) April 10, 2000--Standard&Poor's today affirmed its double-'A' long-term and 'A-1'-plus short-term counterparty credit ratings on National Australia Bank Ltd. (NAB) following the announcement by NAB of its intention to acquire MLC Ltd. from Lend Lease Corp. Ltd. At the same time, Standard&Poor's placed its double-'A' long-term and 'A-1'-plus short-term corporate credit ratings on Lend Lease Corp. Ltd. (Lend Lease) on CreditWatch with negative implications. The double-'A' insurer financial strength and counterparty credit ratings on MLC Ltd. (MLC) also are affirmed. The acquisition, which is subject to appropriate shareholder and regulatory approvals, should further consolidate NAB's position in the Australian financial sector and is consistent with the bank's stated objective of seeking
