The credit ratings of 23 Australian financial institutions were downgraded one notch by S&P Global Ratings (S&P) during the last full week of May. One of the affected institutions was Liberty Financial (Liberty), but despite being downgraded during the bookbuild phase Liberty still printed an upsized and oversubscribed senior-unsecured transaction. Meanwhile, Westpac Banking Corporation priced 2017's first Australian covered-bond benchmark.
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