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Commonwealth Bank ratings downgraded to negative following damning report

Ratings agency Fitch has downgraded Commonwealth Bank to negative due to the its “risks in remediating shortcomings”.

This is in wake of the Australian Prudential Regulation Authority releasing a scathing report calling out the bank for its “widespread sense of complacency”.

Revelations at the Royal Commission have also played a part in the rating game for many of the banks, but Standard & Poor’s Director Sharad Jain tells Ross Greenwood his agency has not revised any ratings in light of the commision.

Admitting there are “weaknesses that are applicable across the sector,” he says there is just not enough evidence to downgrade ratings.

“We currently do not see any strong evidence of any bank-specific issues generally.”

Listen to the full interview below