Australia outlook to negative from stable by S&P
|The S&P says the Australian outlook was revised to negative as the COVID-19 outbreak weakens fiscal outcomes; 'AAA/A-1+' ratings affirmed.
- The S&P says revised outlook on Australia to negative from stable to reflect substantial deterioration of its fiscal headroom at 'AAA' rating level.
- S&P says expect Australian economy to plunge into recession for first time in almost 30 years.
- S&P says negative outlook reflects its view that Australia faces fiscal and economic risks that are tilted toward downside.
Meanwhile, the outperformer was AUD overnight, with it extending its earlier rise to a high of 0.6208 in London/NY following the Reserve Bank of Australia's optimistic statement yesterday and potential taper.
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