ANZ estimates that the annual monetary impact of the tax would be approximately $345 million on a before tax basis, and approximately $240 million after tax based on its financials as on 31 March 2017. Further, the net financial impact, including the Bank’s ability to maintain its current fully franked ordinary dividend, will be dependent upon business performance and decisions make in response to the tax. Recently, Standard & Poor’s (S&P) has lowered its assessment of the standalone credit profiles of almost all financial institutions operating in Australia. As a result, S&P has downgraded its ratings on hybrid and subordinated debt instruments issued by ANZ by one notch in line with ANZ’s revised standalone credit profile, and affirmed senior unsecured credit rating at AA-(long term) and A-1+ (short term). The stock lost 10.4% in last three months (as at July 04, 2017), led by the new headwinds in the form of levy on banks liabilities coupled with challenging operating environment.