Fitch changes Westpac Banking view

Fitch Ratings said it revised the outlook on Westpac Banking Corp.'s long-term issuer default rating to negative from stable.

At the same time, the agency affirmed the issuer default rating at AA-.

“The revision of our outlook to negative reflects the risk that WBC's focus on remediating operational and compliance risks as well as cultural issues may result in resources being diverted from ongoing operations, which could lead to a weakening of WBC's earnings relative to peers,” the agency said in a news release.

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