cebenomic's open, shake out up n over thursday, page-37

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!