Strong position in key market segments Asset quality likely to remain robust by international standards despite weakening economic environment Globally among the strongest banks on key earning metrics and earnings stability Low-risk traditional retail and commercial banking model Improving operational efficiency with St.George Bank merger Significant dependence on wholesale offshore borrowings, which could cause a disruption to funding access We believe that the most likely foreseeable risks to the ratings on Westpac would be one or more of the following three factors: An increase in credit losses that is materially beyond our current expectations. The rating is likely to be reviewed if our expectations of credit losses moved to a level closer to the current downside scenario from the current
