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Moody’s cuts five Australian banks to negative
Moody's Investors Service said it affirmed the ratings of all Australian banks but revised the outlooks of five banks to negative from stable.
The banks with revised outlooks include Australia's four major banks, Australia and New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp.
All four banks are rated Aa2 for senior unsecured debt.
The agency also revised the outlook of Members Equity Bank Ltd. The bank is rated A3 for senior unsecured debt.
Moody’s said the outlook change for Australia's four major banks reflects its expectation of a more challenging operating environment for banks in Australia for the remainder of 2016 and beyond, which could lead to a deterioration in their profit growth and asset quality, as well as an increase in their sensitivity to external shocks.
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