The price may be right even if Fitch says it's junk

The price may be right even if Fitch says it's junk
Jenny Ruth
A change of heart by international ratings agency Fitch Ratings could relegate some bank capital notes from investment grade to junk bond status.That could make it more difficult for some New Zealand banks to sell such securities.In the past, Fitch has rated tier 2 securities at one notch below a bank's long-term default rating but it is now considering whether that should increase to two notches.As a result, Fitch has placed the securities of 26 banks, including the four biggest Australian banks that own New Zealand's four biggest banks, Coope...

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