Moody’s Investors Service cut the long-term credit rating of the big four Australian banks, citing elevated risks in the housing market. Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp. were all downgraded to Aa3 from Aa2, Moody’s said in a statement released Monday. “The resilience of household balance sheets and, consequently, bank portfolios to a serious economic downturn has not been tested at these levels of private sector indebtedness,” Moody’s said in the statement. The Australian dollar fell as much as 0.5 percent following the ... (full story)