Fitch downgrades big four Australian, NZ banks to 'A+'

Fitch downgrades big four Australian, NZ banks to 'A+'
Jenny Ruth
Fitch Ratings has downgraded all four of the major Australian banks and their New Zealand subsidiaries because it expects the economies in both countries will shrink, with a sharp spike in unemployment, as a result of the coronavirus crisis and consequent lockdowns.The international ratings agency has downgraded all the banks' credit ratings to 'A+' from 'AA-' and said the outlook is negative for all four.It expects only a modest economic recovery starting in the second half of this year, not getting properly underway until the fourth quarter,...

More Finance

JPMorgan is revamping Its bank for the superrich
Finance

JPMorgan is revamping Its bank for the superrich

There is a minimum required balance of US$10 million. 

Port of Auckland to pay $45m special dividend to council
Finance

Port of Auckland to pay $45m special dividend to council

The divestment proceeds will be used to top up the Auckland Future Fund.

Oliver Lewis 27 Jun 2025
$600m in tourist spend at risk from regulation: Mastercard
Finance

$600m in tourist spend at risk from regulation: Mastercard

When Europe cut interchange fees, foreign card decline rates soared.

Pattrick Smellie 27 Jun 2025