Potential recipient of extraordinary government support in the unlikely event it were required Dominant market position in the relatively low-risk Australian and New Zealand retail and commercial banking sectors Capital position at the upper end of our adequate assessment post-capital initiatives Stable, repeatable, good-quality earnings by international standards Reliant on domestic and offshore wholesale funding The stable outlook reflects our opinion that our ratings on Westpac are likely to remain unchanged over the short to medium term. To maintain the stable outlook, we expect that: There is a high likelihood of extraordinary government support for Westpac from the Australian government, in the unlikely event that it were required; The bank's risk-adjusted capital ratios will remain consistent with our view that
