Strong Australian and New Zealand retail and commercial banking franchise contributes to diversified and robust revenue streams Very good asset quality compared with global peers' Experienced management profile Challenges associated with heightened competitive pressures, and a slowing domestic housing market Integrating and extracting value from its recently acquired wealth management subsidiaries Capitalization assessed as adequate for the strong 'AA-' rating The counterparty credit ratings on Westpac Banking Corp. (Westpac) reflect the bank's diversified and robust revenue streams across Australia and New Zealand, solid financial profile, and good asset quality, compared with global peers'. Westpac's financial performance has benefited from the sector-wide strong domestic growth in housing lending and relatively benign credit environment, reflected in improved credit quality and 10% underlying
