Fitch downgrades Westpac

Fitch Ratings said it downgraded Westpac Banking Corp.'s long-term issuer default rating and the long-term IDR of its wholly owned subsidiary, Westpac New Zealand Ltd. to A+ from AA-.

Fitch also downgraded the senior debt issued by Westpac, Westpac New Zealand and its wholly owned funding vehicle, Westpac Securities NZ Ltd., to A+ from AA-, and Westpac's tier 2 debt to A- from A+, which has also been removed from under criteria observation. Westpac's additional tier 1 debt has been affirmed at BBB and removed from under criteria observation, the agency said.

The downgrades reflect the significant impact of the government measures enacted to stem the spread of the coronavirus, Fitch said.

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