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 strong capital levels in the next two years. In our base case, we expect relatively modest growth in house prices and household debt in the next two years. We expect that the improvement in
