MELBOURNE (Standard&Poor's) Aug. 28, 2002--Standard&Poor's Ratings Services said today it has affirmed the double-'A'/'A-1'-plus corporate credit rating on National Australia Bank Ltd. (The National) following the bank's announcement that it has sold Homeside Lending Inc. (Homeside) to Washington Mutual Inc. for A$2.3 billion and is planning to repurchase its stock in an amount of A$750 million. The outlook on the rating remains negative. "The sale of Homeside brings to an end The National's former strategic ambitions in the U.S., refocuses the bank onto its core markets in Australia, New Zealand, and the U.K. while at the same time reducing the bank's exposure to the mortgage-servicing rights asset (MSR)," said Jason Hill, associate director, Financial Services Ratings.
