Dominant market position in the Australian and New Zealand retail and commercial banking sectors Conservative risk appetite, backed by a sound risk-management framework Highly likely to receive timely financial support from the Australian government, if needed Material dependence on domestic and offshore wholesale borrowings The negative outlook on National Australia Bank Ltd. (NAB), similar to that on the three other major Australian banks, reflects the pressures on NAB's creditworthiness due to three factors: The negative outlook on our local currency sovereign rating on the Commonwealth of Australia (see "Outlooks On Australian Major Banks And Strategically Important Subs Revised To Negative On Similar Sovereign Action," published July 7, 2016); The increasing likelihood that we will revise our assessment of the government's
