SYDNEY (S&P Global Ratings) July 15, 2020--S&P Global Ratings today said it has assigned its 'BBB-' issue credit ratings to National Australia Bank Ltd.'s (NAB; AA-/Negative/A-1+) proposed Additional Tier 1 Wholesale Perpetual Capital Notes (PCN). We rate NAB's PCN four notches below NAB's stand-alone credit profile (SACP) of 'a'. The starting point of the SACP reflects our view that it is unlikely that the Australian government's support for NAB and other Australian banks--if needed--would extend to hybrid capital instruments issued by the banks. To arrive at the rating on the NAB PCN, we deduct four notches from NAB's SACP reflecting the following factors: One notch for the notes' subordinated status; Two notches for the risk of partial or untimely payment;
