BNZ NZ$100 Mil. Fixed-Rate Deposits Rtd AA.MELBOURNE--(BUSINESS WIRE)--Standard & Poor's CreditWire 9/3/98 -- Standard & Poor's today assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. its double-'A' long-term rating to the Bank of New Zealand's (BNZ BNZ Bank of New Zealand BNZ Branch not Zero , rated double-'A'/Stable/'A-1'-plus) NZ$100 million fixed-rate registered transferable deposits. The outlook is stable. The deposits represent senior unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. obligations of the bank with a maturity date of Sept. 15, 2003. The ratings on BNZ reflect the bank's status as a wholly owned and fully-integrated core subsidiary of National Australia Bank The National Australia Bank or NAB (ASX: NAB, LSE: NAB, NYSE: NAB, TYO: 8637 ) is part of the NAB Group. It is the largest bank in Australia by assets, and 28th largest in the world. Ltd. (NAB; rated double-'A'/Stable/'A-1'-plus). BNZ is the second-largest commercial bank in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , with approximately 19.1% of New Zealand domestic-banking assets. Since being acquired by NAB in 1992, BNZ has undergone extensive restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). to improve its competitive position. Specifically, noncore activities and investments have been sold, offshore branches integrated with those of NAB where appropriate, and senior-management roles restructured. Additionally, treasury and risk-management systems have been improved and now reflect those of NAB. The stable rating outlook on BNZ reflects that assigned to the parent, NAB. Standard & Poor's expects that NAB will continue to exhibit superior underlying profitability relative to its peers as a result of its strong market position in its major markets of operation and its generally superior business and financial profile, Standard & Poor's said. - CreditWire
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