I posted on the move from S&P ratings in the middle of this week:
And yeah, there is never only one cockroach, is there?
Bloomberg have the report (gated ) today, in brief:
- Pimco and Yarra Capital are wary of Australian semi-government bonds due to fiscal concerns.
- Queensland’s credit outlook was cut to negative, following similar moves for three other states, including NSW, due to fiscal risks.
- Yarra’s Jessica Ren prefers sovereign bonds and won’t increase state bond holdings until governments show stronger fiscal discipline.
- Rising state spending on subsidies and transport fares may lead to more negative outlook revisions in the next year.
- State debt is projected to triple to A$850 billion by fiscal 2028 as expenses outpace tax revenue (S&P).
This article was written by Eamonn Sheridan at www.forexlive.com.
#Pimco #cautious #Australia #semigovmt #debt #concerns #mount #states #fiscal #health #Forexlive
Australia state debt concern
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