Moody’s Downgrades Australia Banks Credit Ratings
Moody’s has cut the long term credit rating of Australia’s four largest banks, saying increasing home pricing, household debt and low wage growth is posing a threat to lenders. ANZ, NAB, Westpac and Commonwealth Bank of Australia has been downgraded from Aa2 to Aa3. The ratings outlook for all four banks still remain stable.
“ANZ, NAB, Westpac and Commonwealth Bank of Australia has been downgraded from Aa2 to Aa3.”
It comes after Standard & Poor’s recently left the banks’ credit ratings untouched as it downgraded smaller lenders. The combination of soaring house prices and stagnant wage growth has pushed the ratio of household debt to disposable income to 189 percent.
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