Fitch Downgrades Big Three Aussie Banks

The ratings agency Fitch has cut the credit rating of three of the big four Australian banks by a notch to AA-minus largely as a result of their heavy reliance on offshore borrowing to fund their lending book.

Fitch cut the ratings of Commonwealth Bank of Australia (CBA.AX), National Australia Bank (NAB.AX) and Westpac Banking Corporation (WBC.AX) by one notch to AA-.

The rating for Australia and New Zealand Banking (ANZ.AX), already at AA-, remained unchanged.

Fitch said that inspite of the rating cut, the four biggest banks ofAustraliawere among the strongest in...