MELBOURNE (Standard&Poor's) July 25, 2008— Standard&Poor's Ratings Services today affirmed its ratings on National Australia Bank Ltd. (NAB; AA/A-1+) and its subsidiaries and revised the outlook to negative from stable on NAB and its subsidiaries (see list). The outlook revision follows NAB's announcement today that it has made an A$830 million pre-tax provision on the A$1.2 billion liquidity facilities to a CDO (collateralized debt obligation) conduit, which is on top of a A$181 million pre-tax provision that was made in the six months ended March 31, 2008 on the same facility. The additional provision today forms a significant amount, 40% of the pre-tax earnings for the first half of fiscal 2008 and 3.7% of the adjusted
