Our ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect the anchor stand-alone credit profile (SACP) for a bank operating mainly in Australia; plus the bank's "strong" business position, its "adequate" capital and earnings, risk position, and liquidity; "average" funding; and potential government support. Our bank criteria use the BICRA economic risk and industry risk scores to determine a bank's anchor SACP, the starting point in assigning an issuer credit rating. The anchor SACP for a bank operating only in Australia is 'a-'; ANZ conducts about 75% of its lending in its Australian home market. The BICRA score is informed by our evaluation of economic risk, where we view Australia as a wealthy, open, and resilient economy. We
