Aussie Banks Seen as Refuge Amid Greek Crisis: Australia Credit

Bond investors seeking refuge from Europe’s sovereign debt crisis are finding Australia’s banks safer than their global peers, even after the top four lenders’ credit ratings were downgraded last month.

The nation’s biggest banks, cut one level to Aa2 by Moody’s Investors Service, don’t own Greek debt and get at least 70 percent of their revenue from Australia, where growth is forecast to outpace the U.S. and the euro region next year. Speculation a Greek default would infect Europe’s banking system and slow the global economy is roiling markets.