Strong market positions in key market segments Diverse and strong earnings profile Robust asset quality Sound capitalization Operating in very competitive market segments Exposure to market volatility On April 28, 2008, Standard&Poor's Ratings Services said that it had affirmed its 'AA/Stable/A-1+' issuer credit ratings on Australia-based major bank National Australia Bank Ltd. (NAB). The rating affirmation reflects Standard&Poor's expectations of NAB's continued strong financial performance despite the current market volatility. The ratings also remain supported by the bank's diversified earnings base, strong market position, expectation of continued very strong asset quality, and sound capitalization. These strengths are moderated by the bank's exposure to very competitive market segments and volatility in global financial markets, which could affect
