Potential extraordinary government support in the unlikely event it was required Dominant market position in the relatively low-risk Australian and New Zealand retail and commercial banking sectors Stable, repeatable, good-quality earnings by international standards Reliant on domestic and offshore wholesale funding The negative outlook on Westpac Banking Corp. (Westpac), similar to that on the three other major Australian banks, reflects the pressures on Westpac'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 supportiveness toward Australia's banking
