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S&P: Major Aussie banks not at risk of downgrade amid pandemic

The US-based ratings agency S&P Global said in its latest report on Wednesday, credit ratings of most Australian banks are not at risk of a downgrade, in the face of the coronavirus crisis.

Key takeaways

“Expect credit losses at banks in 2020 to more than triple from 2019 levels as the pandemic disrupts business.

Our forecast that the Australian economy will strongly rebound toward the end of the current calendar year following a significant downturn underpins our analysis.

Warned of a more severe and longer-lasting downturn, potentially due to a sharp fall in property prices and materially weaker economic outlook, would trigger downgrades for banks.”

AUD/USD breaches 0.6100

AUD/USD has come under fresh supply and drops back below the 0.6100 level amid a renewed risk-aversion wave that boosts the haven demand for the greenback across the board.

At the press time, the Aussie trades at 0.6080, down 0.86% on the day.

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