Dominant market position in the relatively low-risk Australian retail and commercial banking sector Good-quality core earnings Potential recipient of extraordinary government support in the unlikely event it were required Material reliance on domestic and offshore wholesale funding Capital outlook is adequate, although risk-adjusted capital ratios currently compare less-favorably to major domestic peers Underperforming U.K. banking subsidiary 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 use the BICRA
