Strong market positions in key market segments Earning metrics likely to revert to strong levels in the medium term Asset quality likely to remain strong Low-risk traditional retail and commercial banking model Significant dependence on wholesale offshore funding, which could cause a disruption to funding access We have affirmed the 'AA' issuer credit rating on Australia-based major bank National Australia Bank Ltd. (NAB), reflecting our expectation that NAB will maintain strong earning metrics, earnings stability, and asset quality. The bank's very strong business profile in its key and main domestic markets of Australia and New Zealand continues to support the rating. With total on-balance-sheet assets of A$686 billion at Sept. 30, 2010, NAB is one of the four major Australian
