Credit Rating Downgrades a Non-Event for the Major Banks. Our Cautious Optimism Remains Intact
Following Standard & Poor’s, or S&P’s, credit ratings downgrade of 23 Australian financial institutions on May 22, fellow U.S. credit rating agency, Moody’s did not surprise with similar one-notch downgrades for 12 Australian authorised deposit-taking institutions on June 19. Despite the ominous sounding justification by Moody’s, in our opinion, there is no material impact from the downgrade as Moody’s ratings now only align with S&P where equivalent ratings exist. Wholesale funding ...Commonwealth Bank of Australia provides integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Co. operates in seven segments, Retail banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, New Zealand, Bankwest, as well as International Financial Services and Other Divisions. As of June 30 2016, Co. had total assets of A$933.1 million and total deposits of A$588.0 million.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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