Dominant market position in Australian and New Zealand retail and commercial banking sectors Good-quality core earnings, by international standards Potential recipient of extraordinary government support in the unlikely event it were required Reliant on domestic and offshore wholesale funding to supplement deposit funding sources Underperforming U.K. banking subsidiary, in recovery phase Relatively subdued outlook for business credit growth in Australian and New Zealand home markets The stable outlook reflects our opinion that our ratings on NAB are likely to remain unchanged over the short-to-medium term. To maintain the stable outlook, we expect that: The bank's RAC ratios will remain consistent with our view that capital is "adequate," and that recent positive capital trends that have enabled NAB to grow its
