Standard&Poor's Ratings Services, on Jan. 23, 2004, revised its rating outlook on National Australia Bank Ltd.'s (NAB) 'AA' counterparty credit rating to negative from stable. NAB is the largest of Australia's four major commercial banks with nearly A$400 billion in total assets at Sept. 30, 2003, sourced largely through its Australian, U.K., and New Zealand operations. The ratings on NAB reflect the bank's strong domestic franchise, its more geographically diversified international business profile compared with domestic competitors, strong earnings platform, very good asset quality, and sound capitalization. The bank's well-diversified earnings platform has contributed to its sound performance through global economic cycles. In an international context, NAB's asset quality is very good, benefiting from its lending to low-risk
