MELBOURNE -- Standard&Poor's CreditWire 9/25/98 -- Standard&Poor's today assigned its single-'A' long-term rating to the Trust Units Exchangeable for Preference Shares (TrUEPrS) issued by the NAB Exchangeable Preferred Trust. The National Australia Bank Ltd. (NAB) preference shares issued under the program also are assigned a single-'A' long-term rating. The rating outlook is stable. The rating differential between this issue and the NAB banking group's double-'A' long-term counterparty credit rating reflects the equity-like characteristics and junior status of the securities. Under certain exchange events, which include regulatory capital and distributable profit tests, the securities automatically convert into NAB preferred stock, ranking behind subordinated and junior subordinated debt (if any). NAB's credit profile is enhanced by its strong
