The 'AA' issuer credit rating on Australia-based major bank Australia and New Zealand Banking Group Ltd. (ANZ) is affirmed, reflecting our expectation that ANZ will remain among the strongest banks globally based on key earnings metrics, earnings stability, and asset quality. The ratings on ANZ continue to reflect its strong market positions in its key markets of Australia and New Zealand. A key factor underpinning our affirmation of the 'AA' rating is our expectation that ANZ's credit loss experience will remain low by international standards, which is based on our view that the Australian economy will continue to show resilience despite market uncertainty about the strength of the global recovery. We also believe that the Australian banking sector's less fiercely
