The Squeeze
The Age
30 July 2008
Danny John
ANZ can breathe again as credit agencies maintain the bank's rating, now the gaze is turning to Commonwealth Bank and Westpac, writes Danny John.
ANZ has been given a much-needed vote of confidence, with two major credit agencies maintaining its all-important double-A rating in the wake of its decision to provide an additional $1.2 billion to cover bad debts.In the meantime, the market's focus is beginning to switch to the two big banks that have yet to signal any additional provisions - Commonwealth, which is due to report expected profits of $4.6billion next month, and Westpac.CBA's shares gave up $1.77 in a 4% fall to $39.33 while Westpac was down only 12 to $20.21.Both Standard
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