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Australia's Four Major Banks Should Weather Expected Mild Downturn; Ratings Affirmed With Stable Outlooks Jul 09
Standard & Poors, July 2009
Abstract
MELBOURNE (Standard & Poor's) July 1, 2009--Standard & Poor's Ratings Services said today that it had affirmed its 'AA/A-1+' ratings on Australia's four major banks: Australia and New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd., and Westpac Banking Corp. The outlooks on the long-term ratings of all the four banks remain stable. At the same time, the ratings on the core subsidiaries of these banks were affirmed with stable outlooks. 'The rating affirmation reflects our expectation that the global economic downturn is likely to have a fairly benign impact on the Australian economy, resulting in only a mild and short recession in the country,' Standard & Poor's credit analyst Sharad Jain said. 'Furthermore, we believe...
Companies mentioned in this report are: National Australia Bank Ltd.,Australia and New Zealand Banking Group Ltd.,Westpac Banking Corp.,Commonwealth Bank of Australia
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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