Dominant market position in the 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 Additional provisioning and write-downs mainly associated with its U.K. banking business marred 2014 bottom-line profitability 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,"; No new unexpected or material risks emerge from the bank's U.K. banking operations; The bank's risk position or
