Moody's has restored the country's top Aaa foreign-currency rating, which was dropped two levels following the famous remarks made in1986 by then treasurer Paul Keating
Australia is no longer a banana republic. That's the message some investors took from Moody's Investors Service's move to raise the nation's foreign-currency rating two levels to a top Aaa. Lest you wonder if the previous paragraph lacks cultural sensitivity, it was former treasurer Paul Keating who, in 1986, famously warned his country might become a small, dependent nation in the middle of nowhere. A short time later, Moody's downgraded Australia's credit. Keating went on to serve as prime minister from 1991 to 1996 but many investors still smart over the episode. Earlier this month, ...
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