MELBOURNE (Standard&Poor's) Sept. 11, 2014--Standard&Poor's Ratings Services today assigned its 'BBB+' long-term issue credit rating to the subordinated notes component of National Australia Bank Ltd.'s (NAB; AA-/Stable/A-1+) unlimited domestic debt issuance program. At the same time, we also withdrew our 'A-' rating on the "old style" subordinated notes component of that program. We note that the long-term 'AA-' rating on NAB's senior unsecured notes, the 'A-1+' rating on NAB's short-term obligations, and the 'A-' rating on subordinated notes that have already been issued and are currently outstanding under the program are unchanged. This rating action reflects an update of program documentation by NAB that allows it in the future to issue subordinated notes that will incorporate
