Very strong market position in the Australian and New Zealand retail and commercial banking sectors Conservative risk appetite, backed by a sound risk-management framework Highly likely to receive timely financial support from the Australian government, if it were needed Material dependence on domestic and offshore wholesale borrowing Exposed to risks from elevated house prices and private sector debt S&P Global Ratings' outlook on Australia and New Zealand Banking Group Ltd. (ANZ, AA-/Negative/A-1+) is negative. The outlook reflects our opinion that, similar to the three other major Australian banks, ANZ's creditworthiness could weaken in the next two years due to: Downward pressure on the creditworthiness of the Commonwealth of Australia (AAA/Negative/A-1+), which we reflect in the negative outlook on our local
