Fitch revises Heritage Bank to negative

Fitch Ratings said it revised the outlook on Heritage Bank Ltd. to negative from stable and affirmed the bank’s BBB+ issuer rating.

At the same time, Fitch, citing updated criteria, downgraded the bank's tier 2 debt to BBB- from BBB and removed the rating from under criteria observation. Heritage's other ratings have been affirmed.

In a press release, Fitch said it “believes the rapidly deteriorating operating environment will have a significant impact on the Australian banking sector and poses large downside risks. In particular, we expect asset quality and profitability metrics to weaken materially over the next two years.”

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