S&P downgrade Australia’s rating outlook as recession will deteriorate fiscal headroom

<p>Rating agency S&P kept Australia’s sovereign rating unchanged at AAA, but downgraded the outlook from “stable” to “negative”. The outlook was upgraded from “negative” to “stable” less than two years ago in September 2018, when the budget came close to balance. “The COVID-19 outbreak has dealt Australia a severe economic and fiscal shock” S&P said. […]</p>
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