Reports
Fitch Smiles On Australia's Four Largest Banks
One of the factors behind the upward revision to outlooks was how Australia has, the agency said, handled the coronavirus pandemic.
One of the “Big Three” global ratings agency has increased its
credit ratings on Australia’s main banks, citing the country’s
improved economic prospects.
Fitch Ratings
said that Australia’s “good handling” of the COVID-19 pandemic –
the nation has adopted relatively strict lockdown policies – was
a factor behind the improved prospects for the economy as
Australia starts to emerge from the controls.
The firm has revised the outlook on Australia and New Zealand
Banking Group (ANZ)’s long-term issuer default rating (IDR) to
“Stable”, from “Negative”, and has affirmed the rating at 'A+'.
Fitch has also made the same move with the long-term IDR on the
group’s New Zealand subsidiary.
The agency has also taken similar steps over the long-term IDR
for Commonwealth Bank of Australia, National Australia Bank, and
Westpac.
All four banks have, to varying degrees, been working to get
through a raft of
compliance and conduct failings in the Australian financial
sector in recent years.
