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Bond Market News
Aussie Banks Upgraded by Fitch
May 28, 2024
Major Australian Banks like Macquarie Bank, Australia and New Zealand Bank (ANZ), Westpac Bank, National Australian Bank (NAB) and Commonwealth Bank of Australia (CBA) were each upgraded by a notch, by Fitch. Macquarie was upgraded to A+ while the others were upgraded to AA-. The upgrade of all the banks reflects building up of qualifying junior debt instruments and equity to meet loss absorbing capacity (LAC) requirements. This is in accordance with the Australian Prudential Regulation Authority implementing a formal resolution planning standard from the beginning of 2024. According to Fitch, all of the above banks are on track to meet their final 2026 LAC requirements. Dollar bonds of the above Aussie banks traded broadly stable.
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