S&P downgrades most Aussie banks

S&P Global Ratings downgraded the credit scores of almost all of Australia’s financial institutions as it warned about the risks of a property market downturn, though expectations of government support saw the largest banks spared.

Some 23 issuers had their ratings lowered, including Bank of Queensland Ltd, Bendigo & Adelaide Bank Ltd and AMP Bank Ltd, as S&P warned that the country’s wider economic challenges added to the threat.