S&P places Victoria state's triple A rating on negative watch
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S&P Global Ratings, in its latest report, placed the Australian state of Victoria’s AAA credit ratings on negative watch amid worsening coronavirus situation.
Additional headlines
“Increasing possibility will lower the long-term rating on Victoria within the next few months if lockdown situation deteriorates. “
“Aim to resolve CreditWatch in the next few months as more details become available about the fiscal effect of the latest lockdown.”
AUD/USD’s rebound stalls
The rebound in AUD/USD lost legs 10-pips below 0.7200, as markets digest the implications of the above report. Also, downbeat Chinese Caixin Services PMI for July remains a drag on the aussie.
At the time of writing, the spot rises 0.38% on a daily basis to trade at 0.7185.
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