Moody's acts on four smaller Australian banks

Moody's Investors Service said it downgraded all long-term ratings and assessments of Qudos Mutual Ltd. and changed its outlook to negative from stable. Moody's also placed on review for downgrade all ratings of MyState Bank Ltd. and changed the outlook on Members Equity Bank Ltd. and IMB Ltd. to negative from stable, while affirming all assessments and ratings.

"We changed our outlook for the broader Australian banking system to negative in early April, reflecting our view that the economic impact of coronavirus-related disruptions will strain banks' loan performance," said Tanya Tang, a Moody's analyst, in a press release.

"Today's rating actions are prompted by this change in outlook on the broader banking system," she said.

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