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.
The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals. Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.
Get The Wealth Insider Daily
- For Press Release, please contact firstname.lastname@example.org
- For Media-related enquiries, please contact email@example.com
- For Advertisement, please contact our official ad agency