S&P stand-alone credit profile & hybrid ratings
Source: RNS800 Bourke Street
Docklands VIC 3008
AUSTRALIA
www.nabgroup.com
ASX Announcement
Friday, 25 October 2019
Revised S&P stand-alone credit profile and hybrid ratings
National Australia Bank Limited (NAB) notes that S&P Global Ratings (S&P) has revised its view of the economic risks facing banks operating in Australia, reflecting the orderly decline in house prices over the past two years. Following the revision, S&P confirmed the stand-alone credit profile (SACP) of the four major Australian banks, including NAB, has improved to 'a' from 'a-'.
The change in SACP raises the ratings on NAB's Additional Tier 1 and Tier 2 capital instruments by one notch:
· Basel III compliant Tier 2 capital instruments to 'BBB+' from 'BBB'.
· Basel III compliant Additional Tier 1 capital instruments to 'BBB-' from 'BB+'.
S&P affirmed the 'AA-' long-term and 'A-1+' short-term issuer credit ratings for NAB. The outlook remains 'stable'.
For further information:
Media
Jessica Forrest
M: +61 (0) 457 536 958
Investor Relations
Ross Brown
M: +61 (0) 417 483 549
Sarah Stokie
M: +61 (0) 477 721 489
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
