May 21, 2020 / 11:10 PM / 16 days ago

BRIEF-Fitch Says Revises Australia's Outlook To Negative, Affirms Rating At 'AAA'

May 21 (Reuters) -

* FITCH REVISES AUSTRALIA’S OUTLOOK TO NEGATIVE, AFFIRMS RATING AT ‘AAA’

* FITCH REVISES AUSTRALIA’S OUTLOOK TO NEGATIVE, AFFIRMS RATING AT ‘AAA’

* FITCH SAYS NEGATIVE OUTLOOK REFLECTS SIGNIFICANT IMPACT GLOBAL CORONAVIRUS PANDEMIC HAS ON AUSTRALIA’S ECONOMY AND PUBLIC FINANCES

* FITCH FORECASTS AUSTRALIA’S GDP TO CONTRACT BY 5% IN 2020, DRIVEN BY A PLUNGE IN ECONOMIC ACTIVITY DURING Q2 DUE TO VIRUS CONTAINMENT MEASURES

* FITCH SAYS EXPECT GRADUAL ECONOMIC RECOVERY IN AUSTRALIA TO BEGIN IN SECOND HALF OF 2020 AND FORECAST GDP TO GROW BY 4.8% IN 2021

* FITCH SAYS AUSTRALIA’S BANKING SYSTEM IS RELATIVELY WELL POSITIONED TO MANAGE CURRENT SHOCK Source text for Eikon:

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