Dominant market position in Australian and New Zealand retail and commercial banking sectors Large New Zealand banking franchise Stable, repeatable, good-quality core earnings, and improving asset quality, by international standards Potential recipient of extraordinary Australian government support in the unlikely event it were required Reliant on domestic and offshore wholesale funding to supplement deposit-funding sources Relatively subdued outlook for business credit growth in home markets Smaller funds-management business compared to its three major Australian competitors The stable outlook reflects our view that the ratings are likely to remain unchanged over the next one-to-two years. To maintain the stable outlook, we expect that: ANZ's Asian regional strategy will continue to be well managed; The bank's risk-adjusted capital ratios will remain consistent
