Arab Today, arab today 3 of 4 australian big banks lose aa rating
Last Updated : GMT 10:56:37
Arab Today, arab today
Arab Today, arab today

3 of 4 Australian big banks lose AA rating

Arab Today, arab today

Arab Today, arab today 3 of 4 Australian big banks lose AA rating

Canberra - Arabstoday

Three of Australia’s big four banks have had their prized AA credit ratings downgraded by one notch because of their partial reliance on wholesale funding markets. Global ratings agency Fitch Ratings on Friday lowered the long-term issuer default ratings of Commonwealth Bank, Westpac and National Australia Bank from AA to AA- to reflect their weaker funding profile. Fitch affirmed ANZ Banking Group’s IDR at AA-, and said all four banks now have a stable outlook. The downgrades came after Fitch concluded its three-week review of the big four that started on January 30 with the agency placing the banks on rating watch negative. Fitch noted all four banks retained a reliance on wholesale funding, especially from offshore markets that left them susceptible to dislocation in those markets. “Wholesale funding, particularly when sourced cross borders, has become more vulnerable to swings of confidence, and for the major Australian banks this risk is better reflected at a ... long-term IDR of AA-,” Fitch said in a statement. The major banks have moved to improve their funding mix over the past three years and scale back their reliance on offshore wholesale term-debt markets to about 20 per cent of total funding. Fitch expects a continuing improvement of the mix, with a greater focus on deposit-taking, but said any significant improvements over the medium term would be constrained by structural impediments. These include high levels of fixed capital investment, large current account deficit, and mandatory superannuation savings weighted toward equities. On most other measures the big four banks remain among the strongest of those that Fitch rates, the agency said. Fitch’s downgrades follows those issued to a range of banks in the Asia Pacific, including the big four, by Standard & Poor’s last November when it revised its ratings criteria for banks. S&P downgraded each of the big four from AA to AA-, and cut investment bank Macquarie Group by two notches to BBB from A-. Fitch also downgraded the credit ratings of subsidiaries of CBA and NAB, including NAB’s UK unit, Clydesdale Bank plc. Clydesdale’s long-term foreign currency IDR was downgraded from A to A+ and maintained at ratings watch negative by the agency given NAB’s decision earlier in February to review its UK operations. “Earnings are likely to be subdued given a weakening outlook for the UK economy,” Fitch said. NAB’s first quarter 2012 earnings fell below market expectations because of significant margin pressure and another bad debt blow-out in its UK operations. Since then, analysts have renewed calls for the bank to offload Clydesdale and Yorkshire Banks, with UBS’ Jonathan Mott telling clients NAB could collect between STG 1.87 billion ($A2.74 billion) and STG 2.62 billion ($A3.8 billion) for the assets.

arabstoday
arabstoday

GMT 21:04 2017 Monday ,18 September

Dollar exchange rate stable at major banks

GMT 19:07 2017 Monday ,18 September

Inflation slump to hit in early 2018: ECB

GMT 20:35 2017 Sunday ,17 September

Dollar exchange rate stable at major banks

GMT 05:53 2017 Saturday ,16 September

ECB fines rescued Italian bank 11.2 mln euros

GMT 11:43 2017 Tuesday ,12 September

US sues ex-Deutsche Bank exec for securities fraud

GMT 12:03 2017 Sunday ,10 September

Bahrain introduces mandatory IESCA

GMT 11:55 2017 Sunday ,10 September

CBB hosts SWIFT users security workshop
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 3 of 4 australian big banks lose aa rating Arab Today, arab today 3 of 4 australian big banks lose aa rating

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 3 of 4 australian big banks lose aa rating Arab Today, arab today 3 of 4 australian big banks lose aa rating

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan: experts

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan: experts
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday