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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Australia and New Zealand Banking Group    ANZ   AU000000ANZ3

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Moody's downgrades Australia's top banks over housing risk

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06/19/2017 | 11:29am CEST
A combination of photographs shows people using automated teller machines (ATMs) at Australia's

SYDNEY (Reuters) - Moody's Investors Service on Monday downgraded 12 Australian banks, including the four biggest lenders, reflecting what it called elevated risks in the household sector.

Such risk was heightening the sensitivity of the banks' credit profiles to an adverse shock, according to the ratings agency.

"While Moody's does not anticipate a sharp housing downturn as a core scenario, the tail risk represented by increased household sector indebtedness becomes a material consideration in the context of the very high ratings assigned to Australian banks," it said.

Moody's said the long-term credit ratings for Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank an Westpac Banking Corp were downgraded to Aa3 from Aa2.

It reaffirmed their short-term ratings.

The Australian government has taken steps in recent months to cool the red-hot property market amid concerns that speculation in housing could ultimately hurt consumers, banks and the economy.

House prices in Sydney and Melbourne have more than doubled since 2009.

With cash interest rates at a record low and house prices near record highs, the nation's household debt-to-income ratio has climbed to an all-time peak of 189 percent, according to the Reserve Bank of Australia (RBA).

That means there are an increasing number of people who have little cash for discretionary spending – on everything from cars to electrical appliances and new clothes - as their pay packets get consumed by large mortgages and high rental payments.

"The resilience of household balance sheets and consequently bank portfolios to a serious economic downturn has not been tested at these levels of private sector indebtedness," Moody's said.

(Reporting by James Regan; Editing by Jacqueline Wong and Richard Borsuk)

Stocks mentioned in the article
ChangeLast1st jan.
COMMONWEALTH BANK OF AUSTRALIA -0.58% 70.09 End-of-day quote.-12.25%
NATIONAL AUSTRALIA BANK LTD. -0.58% 27.26 End-of-day quote.-7.27%
WESTPAC BANKING CORP -0.66% 28.66 End-of-day quote.-7.97%
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Financials ( AUD)
Sales 2018 19 654 M
EBIT 2018 10 356 M
Net income 2018 6 841 M
Debt 2018 -
Yield 2018 5,70%
P/E ratio 2018 12,03
P/E ratio 2019 11,80
Capi. / Sales 2018 4,15x
Capi. / Sales 2019 4,13x
Capitalization 81 636 M
Chart AUSTRALIA AND NEW ZEALAND
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Australia and New Zealand  Technical Analysis Chart | ANZ | AU000000ANZ3 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 29,8  AUD
Spread / Average Target 5,9%
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Managers
NameTitle
Shayne Cary Elliott Chief Executive Officer & Executive Director
David M. Gonski Chairman
Michelle Jablko Chief Financial Officer
Gerard Florian Group Executive-Technology
Hsien Yang Lee Independent Non-Executive Director