MELBOURNE (Standard&Poor's CreditWire) Nov. 23, 2000--Standard&Poor's today affirmed National Australia Bank Ltd.'s (The National) long-term double-'A' and short-term 'A-1'-plus ratings following the bank's announcement that it has sold its U.S.-based subsidiary, Michigan National Corp. (Michigan), to ABN AMRO. The double-'A'/'A-1'-plus ratings on Bank of New Zealand Ltd. and the single-'A'-plus/'A-1' ratings on Homeside Lending, Inc. are also affirmed. The sale of Michigan represents a significant repositioning of The National's global strategy of decreasing their focus on the North American market. Although the transaction does not have a negative impact on the bank's credit standing, Standard&Poor's will closely monitor the bank's plans for the sale proceeds. While The National is yet to publicly enunciate a
