S&P downgrades South Australia on weakening budget position
Forecast persistent state budget deficits caused by revenue pressures caused Standard & Poor's (S&P) to downgrade the state of South Australia and its funding entity, the South Australian Government Financing Authority, to AA+ on May 31. The state was already on negative outlook from S&P, and that outlook has been maintained even following the one-notch downgrade.
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Suncorp plans Swiss and euro issuance in wake of covered bond debut
Strong demand for Suncorp Metway (Suncorp)'s debut covered bond transaction on May 30 – also the first domestic Australian covered bond issue from a borrower outside the big four banks – enabled the issuer to increase the size of its fixed-rate offering and add a floating-rate note (FRN) component. Suncorp says it hopes to use the domestic debut as the springboard for future Swiss franc and euro covered bond issuance.
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