SYDNEY (REUTERS) - Global ratings agency S&P on Wednesday (April 8) lowered its outlook on Australia's coveted 'AAA' rating to 'negative' from 'stable' in anticipation of a'material' weakening in the government's debt position as it splashes out a large fiscal stimulus package.. Read more at straitstimes.com.
SYDNEY - Global ratings agency S&P on Wednesday lowered its outlook on Australia's coveted"AAA" rating to"negative" from"stable" in anticipation of a"material" weakening in the government's debt position as it splashes out a large fiscal stimulus package.
This would cause a"substantial deterioration of the government's fiscal headroom at the 'AAA' rating level," S&P said in a statement. Some fund managers said Wednesday's outlook downgrade was unlikely to raise the government's borrowing costs by much though it could hurt Australian companies whose ratings are dependent on the sovereign rating.
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