Fitch cuts National Australia Bank, subsidiary

Fitch Ratings said it downgraded National Australia Bank Ltd.’s long-term issuer default rating to A+ from AA-. The outlook is negative. The agency lowered the tier 2 debt to A- from A+ and removed it from under criteria review.

Fitch also downgraded the long-term IDRs of the bank’s wholly owned Bank of New Zealand to A+from AA-

Ratings of senior debt issued by the banks’ wholly owned funding vehicle, BNZ International Funding Ltd., have been downgraded to A+ from AA-.

Fitch said it lowered the IDRs and senior debt ratings to reflect the significant impact government measures to limit the spread of the coronavirus will have on the banks’ Australian and New Zealand operations.

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