Fitch downgrades ratings of Australia's 'big four' banks on coronavirus risks

Author: Justin Low | Category: News

CBA, Westpac, ANZ, and NAB gets downgraded by Fitch

All four banks held a 'AA-' rating previously but have now been downgraded to 'A+' with a negative outlook attached as well.

The downgrades are said to reflect the significant impact measures to slow the spread of the coronavirus outbreak will have on the banks' core markets in Australia and NZ, with Fitch expecting the Australian economy to contract by over 2% this year.

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