S&P gives NAB ratings thumbs-up
(Australia) - National Australia Bank has moved beyond the HomeSide debacle and improved its risk management strategies, says Standard & Poors', which this week lifted the outlook on the bank's AA rating from "negative" to "stable".
NAB has the highest rating among the major banks.
"The sale of the HomeSide business and the bank's continued strong performance domestically and in New Zealand support its rating," S&P analyst Jason Hill said.
"It has made structural changes to improve risk management, delegating a risk manager for each business unit and increasing technology spending."
Mr Hill said an acquisition remained the most likely near-term credit event that could affect NAB's credit standing.
"The sale of the HomeSide business and the bank's continued strong performance domestically and in New Zealand support its rating," S&P analyst Jason Hill said.
"It has made structural changes to improve risk management, delegating a risk manager for each business unit and increasing technology spending."
Mr Hill said an acquisition remained the most likely near-term credit event that could affect NAB's credit standing.
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