Standard & Poor's Corp. has placed its ratings of HomeSide Inc. and its subsidiary HomeSide Lending Inc. on credit watch with positive implications.

The move came after HomeSide's agreement to be acquired by higher-rated National Australia Bank Ltd. for $1.23 billion. The rating agency affirmed its ratings on National Australia Bank and its affiliates. Also, S&P affirmed its ratings on NAB's other U.S.-based subsidiary, Michigan National Corp.

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