Business: Banks shrug off S&P ratings cut, say funding costs unlikely to rise

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posted by metacool 178 days ago
AUSTRALIA'S major banks are confident the first ratings downgrade by Standard & Poor's in two decades will not have a major impact on their funding costs, despite the ongoing volatility created by the European sovereign debt crisis. The share prices of the major banks -- Commonwealth Bank, ANZ, Westpac and National Australia Bank -- rose by 1. However, the rating of Macquarie Bank, which funds the broader group and is the counterparty entity, was left unchanged at A. The major banks yesterday told investors that the ratings downgrades were unlikely to hit their funding costs. The ban
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