Moody’s drops Australian banking system to negative

Moody's Investors Service said it changed the outlook for the banking system in Australia (Aaa stable) to negative from stable.

"The outlook change reflects Moody's expectation of a more challenging operating environment for banks in Australia for the remainder of 2016 and beyond, and which could lead to a deterioration in their profit growth and asset quality, as well as an increase in their sensitivity to external shocks," Moody's vice president and senior analyst Frank Mirenzi said in a news release.

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