Fitch revises Bank of Queensland view to negative

Fitch Ratings said it revised the outlook on Bank of Queensland Ltd. to negative from stable and affirmed the bank’s rating at A-. At the same time, Fitch, citing its updated criteria, downgraded the tier 2 debt to BBB from BBB+ and removed the rating from under criteria observation. The bank's other ratings have been affirmed.

In a press release Fitch said, “the coronavirus-related impact on the operating environment in Australia has been significant. As a result, we believe the bank's financial performance, especially its asset quality and profitability, will deteriorate considerably over the next two years.”

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