Highly likely to receive timely financial support from the Australian government, if needed Dominant market position in the Australian and New Zealand commercial banking and retail banking sectors Refocus on Australian and New Zealand low risk traditional commercial and retail banking activities. Material dependence on domestic and offshore wholesale borrowings The outlook on National Australia Bank Ltd. (NAB) is negative. The outlook reflects our opinion that, similar to the three other major Australian banks, NAB's creditworthiness could weaken in the next two years due to: Downward pressure on the creditworthiness of the Commonwealth of Australia, which we reflect in the negative outlook on our local currency sovereign rating on Australia; and Downward pressure on the government's supportiveness toward Australia's banking
