Highly likely to receive timely financial support from the Australian government, if needed Dominant market position in the Australian and New Zealand commercial banking and retail banking sectors Refocus on Australian and New Zealand low risk traditional commercial and retail banking activities Material dependence on domestic and offshore wholesale borrowings Risks from elevated house prices and private sector debt S&P Global Ratings' outlook on National Australia Bank Ltd. (NAB) is stable reflecting our expectation that the bank will maintain solid operating performance, low credit losses, and adequate capital levels in the next two years. Despite an ongoing orderly unwinding of imbalances in the housing markets, we consider that NAB, along with the other Australian banks, remains exposed to risk emanating
