PHOTO: Ratings agency Fitch has downgraded the ratings it gives the big four Australian banks
Ratings agency Fitch has downgraded the ratings it gives the big four Australian banks.
NAB, which owns BNZ, ASB owner CBA, Westpac and ANZ have been downgraded to A+ from AA-, which means a business – while a low default risk – is slightly more vulnerable to business or economic shocks.
Fitch has maintained the rating outlook for the major Australian banks as “negative”, reflecting the major downside risk to Fitch’s economic outlook in light of the evolving global situation.
It said there were likely to be significant economic consequences for the banks’ core markets of Australia and New zealand, caused by the ovid-19 pandemic and the restrictions implemented to stop its spread.
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