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).
Pacific Investment Management Company (PIMCO) is a US firm that manages circa US$1.9 trillion in ass
Source: Forex Live