Fitch revises outlook on ANZ to stable

Australia and New Zealand Banking Group Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 11 005 357 522
News Release
For Release: 13 April 20 21

Fitch revises outlook on ANZ to stable

ANZ confirms Fitch Ratings (Fitch) yesterday revised the outlook on the long-term Issuer
Default Rating (IDR) for ANZ, and its wholly-owned New Zealand subsidiary ANZ Bank New
Zealand Limited (ANZNZ), to stable from negative.

Fitch affirmed ANZ’s and ANZNZ’s long-term IDR at ‘A +’.

Fitch also reaffirmed all the ratings on long-term and short-term senior debt issued by ANZ
and ANZNZ and ANZ’s subordinated debt and hybrid Tier 1 capital instruments.

In explaining the reasons for revising ANZ’s outlook, Fitch stated:

“The Outlook revision reflects Australia's improved economic prospects and increased
certainty, which gives Fitch greater confidence that ANZ's financial profile is likely to remain
consistent with its current ratings over the next two years.”

"The Stable Outlook reflects our view that ANZ has sufficient headroom in its financial
metrics to maintain the current rating, even in a scenario that is moderately weaker than
our base case. Australia's good handling of the health aspects of the coronavirus pandemic
has allowed the economy to rebound strongly; we now expect GDP to expand by 4.7% in
2021. Downside to this forecast remains, particularly until the vaccination programme is
completed, but has reduced significantly since early 2020."

In support of its revision of ANZNZ’s outlook, Fitch stated that it “regards ANZNZ as a key
and integral part of ANZ, offering products and services to clients in a market the group
considers to be core.”


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Stephen Ries
Head of Corporate Communications
+61 409 655 551


For analyst enquiries contact:

Scott Gifford
Head of Debt Investor Relations
+61 434 076 876




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