Banks holding the index down today, likely due to S&P changing their methodology for rating banks, starting point being the strength of a country's banking system (or BICRA score).
Australia has been at the top category. S&P's consultation papers suggest that we will move down to category 2. This will most likely lead the majors to fall one notch to AA- BUT is possible it could go to A+.
On top of this, S&P released yesterday their new hybrid methodology which implied support and uplift that sub-debt and Tier 1 capital receives from Government is being removed or greatly reduced.
Got to love retail investors, they did up the price of bank hybrids today!
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