The ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect its relatively moderate risk profile, which is characterized by a major slant to lower risk consumer assets, and the bank's established market position of its major specialist business lines in its core markets of Australia and New Zealand. ANZ's credit profile also benefits from its established and relatively stable profitability profile, sound funding base, and satisfactory capital position. With balance-sheet assets of A$183.1 billion at Sept. 30, 2002, ANZ is one of Australia's four major commercial banks. About 87% of its assets are denominated in its core domestic markets of Australia and New Zealand, with the balance spread across an international network. ANZ's asset quality is satisfactory, and
