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Bank of Queensland confident despite Moody's cut

A rating cut from Moody's has not fazed the Bank of Queensland.

The decision from ratings agency Moody's to downgrade the Bank of Queensland (BoQ) from A3 to Baa-1 surprised the market but has left the organisation unfazed, despite concerns over the Australian property market.

BoQ chief risk officer Peter Deans said the company's fundamentals continue to be in Queensland, adding that the property market in the state remains relatively flat.

"There's obviously some signs of life in areas like Mackay and Gladstone but there are local factors at play there," he told the Australian.

Mr Deans suggested that the Reserve Bank of Australia's interest rate cuts have yet to have a serious impact on the market because of low consumer and business confidence.

Concern over unemployment rates are weighing on sentiment, argued the BoQ boss.

Real Estate Institute of Queensland chief executive officer Anton Kardash recently claimed a cut in stamp duty could boost home buying in the state, reports the Springfield News.

Posted by Steve Douglas

- bank, Moody, rating, credit, economy, RBA, interest, rates

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