Strong balance-sheet position after a capital injection and increase in provisioning Good market position and brand in its Australian home state of Queensland Weaker business franchise strength outside Queensland The stable outlook reflects our expectation that Bank of Queensland Ltd.'s (BoQ) risk-adjusted capital (RAC) ratio is likely to remain above 15% in the medium term, even if we were to revise our economic risk score on the Australian banking system to "3" from "2". In the event that the economic risk score is revised, we will review the ratings on BoQ based on the bank's plans to manage its capital base in that environment. The rating is likely to be revised downward if our views on BoQ's commitment to maintaining
