• Moody’s downgrades credit ratings of ANZ, CBA, NAB, Westpac, the big 4 Australian Banks.
  • Ratings firm revises the banks’ long-term ratings to Aa3 from Aa2, and the ratings outlook to stable from negative.
  • Moody cites high levels of household debt as a risk to the banking sector. The ratio of household debt to disposable income rose to 188.7% at end-2016, according to Moody’s.
  • Bonds remained largely stable post-announcement.
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