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Big banks putting Australia's AAA credit rating at risk, S&P ratings boss says
S&P Global Ratings has warned the big banks are undermining Australia's ability to hold on to its prized AAA rating. In an exclusive interview with The Business, chief ratings officer Moritz Kraemer pointed to Australia's massive level of external debt, rather than a housing price bubble or budget repair, as the real sticking point in recent deliberations over the credit rating. S&P kept the Government on tenterhooks for a week after the recent federal budget before reaffirming its top credit rating, despite rival agencies Moody's and Fitch issuing statements almost immediately after the Treasurer's speech. "Through ... (full story)