Potential extraordinary government support in the unlikely event it was required As the second largest Australian retail bank, dominant market position in the relatively low-risk retail and commercial banking sectors in Australia and New Zealand Stable, repeatable, good-quality earnings by international standards Significant dependence on domestic and offshore wholesale funding Exposed to house prices and private sector debt growth that are elevated The outlook on Westpac Banking Corp. (Westpac) is negative. The outlook reflects our opinion that, similar to the three other major Australian banks, Westpac'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
