Moody’s downgrades the long-term senior unsecured debt ratings of Commonwealth Bank of Australia, Westpac Banking Corp AU, National Australia Bank Ltd., and Australia & New Zealand Bank Ltd. to Aa2 from Aa1.

Patrick Winsbury, Moody’s senior vice president based in Sydney commented, “The downgrade reflects our view of the Australian banking system’s structural sensitivity to conditions in wholesale funding markets.”

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RSOP is the co-founder & Executive Editor of Radical Survivalism Webzine, as well as a Family Preparedness Consultant with over seven years of personal experience in the self-reliance game. RSOP's many preparedness roles within his own group include team mechanic, head of security, electrician, and project designer/engineer.