New Credit Threats to Australia's Big Four Banks

by Benjamin Domenech on 9:11 am March 3, 2009

Bad debts and the global downturn are threatening the credit ratings of Australia’s Big Four banks, while new figures show business profitability is suffering its biggest fall in almost two decades. As Wayne Swan warned that the severe economic downturn faced by Australia’s trading partners represented a threat to growth, and the share market tested seven-year lows, credit ratings agency Moody’s yesterday issued a warning on three of Australia’s biggest banks.

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