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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fitch Ratings cuts LMIRT outlook to negative due to coronavirus impactFITCH Ratings has lowered its outlook on Lippo Malls Indonesia Retail Trust's (LMIRT) long-term foreign-currency issuer default rating to negative from stable due to the coronavirus outbreak. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Australia: Shares finish lower on RBA outlook[SYDNEY] Australian shares reversed course to end lower on Tuesday, with financials and healthcare stocks leading the decline after the central bank's cautious commentary on the country's near-term economic fortunes. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Singapore's COVID-19 response reaffirms country's 'prudent fiscal policy': Heng Swee KeatSINGAPORE: The COVID-19 crisis has re-affirmed the value of Singapore’s key institutions and the key tenets of the country’s “prudent fiscal ... yup. Government has shown the all rounded supports for the affected businesses sectors and people are appreciated and my heart felt gratitude goes to the ministers who have worked hard for the people and the nation. Thank you. Do we still have enough for the future?
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
S&P 500 set to recoup US$1 trillion in value as virus deaths slowThe S&P 500 was on track to recoup about US$1 trillion in market value in a frantic rally on Monday after New York, the biggest U.S. coronavirus ... It maybe short-lived surged so beware!
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
France's Thales withdraws final dividend, suspends outlookFrance's Thales on Tuesday became the latest major company to slash its dividend, suspend profit guidance and top up liquidity in response to the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Phelps urges athletes to take care of mental health after Games delayOlympic great Michael Phelps has voiced his concerns over the negative impact on athletes' mental health of the Tokyo Games postponement prompted ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »