Moody's today downgraded the debt ratings of Australia's big four banks to Aa2, citing their dependence on volatile global lending markets.
The move was well-flagged, with Moody's placing the banks on a negative ratings watch in February, and brings them in line with the other two major ratings agencies, Standard and Poor's and Fitch, analysts said.
The downgrade was from Aa1 and affects the country's big lenders - Australia and New Zealand Banking Group, Commonwealth Bank of Australia, Westpac Banking Corp, and National Australia Bank.
