On Feb. 22, 2007, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on Australia-based major bank, Australia and New Zealand Banking Group Ltd. (ANZ) and core subsidiaries to 'AA' from 'AA-'. The short-term counterparty credit rating is affirmed at 'A-1+'. The ratings were removed from CreditWatch with positive implications, where they were placed on Nov. 8, 2006. The outlook is stable. The upgrade reflects ANZ's strengthening financial profile--including solid asset quality by international standards--very strong track record of profitability; and to a lesser extent, improving diversity in earnings by sector. In addition, the bank has made positive progress to date on key elements of the Basel II framework. Supporting the rating is also the bank's good and
