Jun
19
Moody’s Cuts Ratings on Australia’s Banks on Housing Concern
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ANZ, Commonwealth, National Australia, Westpac cut to Aa3
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High household debt, low wage growth signs of increased risk
Moody’s Investors Service cut the long-term credit rating of Australia’s four biggest banks, saying surging home prices, rising household debt and sluggish wage growth pose a threat to the lenders.
Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp. were all downgraded to Aa3 from Aa2, Moody’s said in a statement released Monday. The ratings outlook for all four lenders is stable, Moody’s said…
Moody’s Cuts Ratings on Australia’s Banks on Housing Concern
