ANZ’s Aa2/Stable rating is in line with ANZ’s major Australian peers and follows an announcement by Moody’s in February 2011 that the Aa1 ratings of all four major Australian banks, as well as the Aa2 ratings of their New Zealand subsidiaries, were placed on review for possible downgrade.
The Moody’s Review focused on “the Australian banking system’s structural sensitivity to conditions in the wholesale funding market”.
ANZ’s short term debt rating continues to be P-1, which is Moody's highest rating. The ratings confirmed by Moody’s today, reflects the Moody’s Bank Financial Strength rating of B- Stable outlook which is now assigned to ANZ.
ANZ’s Aa2 rating is now consistent with its Standard & Poor’s long-term debt rating of AA and remains one rating notch higher than the Aa3 rating which applied to ANZ prior to May 2007.
At this stage, Moody’s ratings of ANZ’s New Zealand subsidiary ANZ National Bank Limited remains at Aa2/Review for Downgrade.
Further details of Moody’s Investor Services announcement and a full list of ratings affected by this action can be found at www.moodys.com.