MELBOURNE (Standard&Poor's) Dec. 16, 2013—Standard&Poor's Ratings Services today assigned its 'BBB+' long-term rating to the subordinated notes component of National Australia Bank Ltd.'s (NAB; AA-/Stable/A-1+) US$100 billion global medium-term notes (MTN) program. At the same time, we also withdrew our 'A-' rating on the "old style" subordinated notes component of the global MTN program. We note that the long-term 'AA-' rating on NAB's senior unsecured notes and the long-term 'A-' rating on the subordinated notes that have already been issued and are currently outstanding under the global MTN 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 a
