The ratings on Australia-based major bank Australia and New Zealand Banking Group Ltd. (ANZ) reflect its strong and well-entrenched market position in its core markets of Australia and New Zealand, solid and sustainable core earnings profile, very strong asset quality, and well-established risk-management capabilities. These strengths are lessened by the bank's moderate capitalization and execution risk in its Asia-Pacific ventures. ANZ's entrenched market position in its core geographic market of Australia and New Zealand underpins the ratings on the bank. ANZ is one of Australia's major commercial banks, with balance-sheet assets of A$319 billion at March 31, 2006. The banking group provides a full range of banking and financial services within its core geographic markets. In particular, ANZ has a
