Fitch lowers Australia and New Zealand Banking Group

Fitch Ratings said it downgraded Australia and New Zealand Banking Group Ltd.'s long-term issuer default rating to A+ from AA- and the group’s tier 2 debt to A- from A+. Fitch affirmed the tier 1 debt at BBB. The outlook is negative.

Also, Fitch downgraded the IDRs of the group's wholly owned New Zealand subsidiary, ANZ Bank New Zealand Ltd. to A+ from AA-.

The ratings of senior debt issued by the banks’ wholly owned funding vehicle, ANZ New Zealand (International) Ltd., have been downgraded to A+ from AA-.

The agency lowered the ratings due to the government’s measures to limit the impact of the coronavirus.

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