Following the outlook downgrade to Australia’s sovereign credit outlook earlier this Wednesday, S&P Global ratings slashed the credit outlook for the country’s big four banks, including the National Australia Bank (NAB), Westpac, Australia and New Zealand Banking Group (ANZ) and Commonwealth Bank of Australia (CBA).

The ratings/outlook were cut from AA-/Stable to AA-/Negative, the ratings agency said in its latest report.

AUD/USD reaction

The Aussie dollar shows no reaction to the outlook downgrade news, as AUD/USD keeps its range play intact below 0.6150. The spot is down 0.45% on the day.