Fitch Rating moved the 'AA-' issuer default and 'B' individual ratings assigned to ANZ to positive. The outlook was previously stable.The outlook revision reflects ANZ's improved earnings diversity following the full acquisition of its wealth management operations, the potential diversification benefits provided by the Asian expansion strategy and its generally improved financial profile.Rating outlooks indicate the direction a rating is likely to move over a one- to two-year period. Over this time, Fitch will assess the execution of ANZ's Asian expansion strategy. Prudently executed, this strategy could lead to a rating upgrade. However, expansion into developing markets also presents risks in the form of less robust legal, political and regulatory frameworks. Meanwhile Alex Thursby, ANZ's CEP, Asia Pacific, Europe & America told The Australian that the present sales processes for Lone Star's 51 per cent stake in Korea Exchange Bank and the Gunawan family's 46 per cent stake in Panin Bank, in Indonesia, may take much longer than some in the market think.Thursby acknowledged that ANZ's interest in KEB was "opportunistic". (It would be ANZ's most expensive bank acquisition ever.)He also rebuffed speculation (fuelled partly by this newsletter last week) that ANZ may be a seller of its own stake in Panin alongside the sales process initiated by the Gunawan family.