Fitch boosts NBN

Fitch Ratings said it upgraded NBN Co Ltd.'s long-term issuer default and senior unsecured ratings to AA+ from AA and removed them from under criteria observation.

The outlook is stable.

“The upgrade reflects the impact of Fitch's updated government-related entities (GRE) rating criteria, published on Jan. 12, 2024. NBN Co's IDR is now one notch below the Australian sovereign rating (AAA/stable), based on our assessment that the government has a 'very strong' responsibility to support the company,” the agency said in a press release.

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