Dominant market position in Australian and New Zealand retail and commercial banking sectors--being relatively lower-risk banking sectors by international standards Good-quality core earnings by international standards Potential recipient of extraordinary government support in the unlikely event it were required Reliant on domestic and offshore wholesale funding to supplement deposit funding sources Underperforming U.K. banking subsidiary, in recovery phase Relatively subdued outlook for retail and business credit growth in Australian and New Zealand home markets Our ratings on National Australia Bank (NAB) reflect the anchor stand-alone credit profile (SACP) for a bank operating mainly in Australia; plus the bank's "strong" business position, and its "adequate" capital and earnings, risk position, and liquidity; "average" funding; and potential government support. Our bank criteria
