MELBOURNE (Standard&Poor's) Jan. 16, 2003--Standard&Poor's Ratings Services today affirmed the 'AA' long-term and 'A-1+' short-term ratings on The National Australia Bank Ltd. (The National) and changed the outlook to stable from negative. The ratings on The National's rated subsidiaries, Bank of New Zealand Ltd., MLC Ltd., and MLC Lifetime Co. Ltd., are also affirmed, and the outlook on each entity also reverts to stable from negative. The outlook revision reflects The National's good financial performance in 2002, which is anticipated to be sustainable in the short to medium term. The National continues to improve its risk management framework, which, if consistently implemented will, in conjunction with the sale of the more volatile Homeside Lending Inc. (Homeside)
