Pursuits
S&P Downgrades Most Australian Lenders on Housing Concerns
- Largest banks exempted due to expected government support
- S&P downgraded 23 institutions amid credit loss concerns
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S&P Global Ratings downgraded the credit scores of almost all of Australia’s financial institutions as it warned about the risks of a property market downturn, though expectations of government support saw the largest banks spared.
Some 23 issuers had their ratings lowered, including Bank of Queensland Ltd., Bendigo & Adelaide Bank Ltd. and AMP Bank Ltd., as S&P warned that the country’s wider economic challenges added to the threat.