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

Wed, 08 Apr 2020

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,...

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