MELBOURNE -- Standard&Poor's CreditWire 9/24/98 -- Standard&Poor's today assigned its single-'A'-minus long-term rating to the Trust Units Exchangeable for Preference Shares issued by the ANZ Exchangeable Preferred Trust. The ANZ preference shares issued under the program also are assigned a single-'A'-minus long-term rating. The rating outlook it negative. The rating differential between this issue and the ANZ Banking Group's double-'A'-minus long-term counterparty credit rating reflects the equity-like characteristics and junior status of the securities. Under certain exchange events, which include regulatory capital and distributable profit tests, the securities automatically convert into ANZ preferred stock, ranking behind subordinated and junior subordinated debt (if any). ANZ's credit profile is enhanced by its strong position in its core markets;
