S&P Global Ratings downgraded the outlook on Australia's sovereign ratings to negative from stable as the outbreak of coronavirus, or COVID-19, weakens public finances.
The downgrade reflects a 'substantial deterioration' of its fiscal headroom at the 'AAA' rating level, the agency said in a statement on Wednesday.
The outbreak of coronavirus has posed a severe economic and fiscal shock. The Australian economy is set to plunge into recession for the first time in almost 30 years, causing a substantial deterioration of the government's fiscal headroom, S&P noted.
For comments and feedback contact: editorial@rttnews.com
Health News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.