Fri, 02 Dec 2011 07:38:18 GMT
S&P downgrades Australian major banks
Standard & Poor's after revision of its criteria downgraded Commonwealth Bank of Australia and three its most significant competitors. Westpac Banking Corp, Commonwealth, National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd. were downgraded on level from AA to AA-. Chirs Viol UBS AG' credit analyst suggests it still is a good rating as it keeps Australian banks among top rated financials globally.