Fitch rating agency revises Australia’s outlook to negative (was previoulsy ‘stable’), affirms rating at ‘AAA’
- says negative outlook reflects significant impact global coronavirus pandemic has on Australia’s economy and public finances
- Australia’s GDP to contract by 5% in 2020, driven by a plunge in economic activity during Q2 due to virus containment measures
- says expect gradual economic recovery in Australia to begin in second half of 2020 and forecast GDP to grow by 4.8% in 2021
Life’s a Fitch then you die?
AUD barely changed.