The 'AA' issuer credit rating on Australia-based major bank National Australia Bank Ltd. (NAB) is underpinned by our expectation that NAB will remain among the strongest banks globally, based on key earning metrics, earnings stability, and asset quality. The rating continues to be supported by the bank's very strong business profile in its key and main domestic markets of Australia and New Zealand. NAB's rating reflects our expectation that the global economic downturn is likely to have a fairly benign impact on the Australian economy, resulting in only a mild and short recession in the country. Furthermore, we believe that the Australian banking sector's less fiercely competitive environment relative to some of the global peers has contributed to less risky
