Although the big four banks have sunk lower today, the Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has managed to edge higher.
In afternoon trade the regional bank's shares are up around 0.5% to $10.87, despite also being downgraded by Moody's.
This morning Moody's downgraded 12 Australian banks and their affiliates due to elevated risks in the household sector which it feels heighten the sensitivity of the banks' credit profiles to an adverse shock.
Bendigo and Adelaide Bank's long-term credit rating has been downgraded by one notch to A3/Stable. Its short term rating has also be downgraded by one notch to P-2.
Thankfully for the bank's shareholders, management has advised that the downgrade is not expected to have a material impact on the availability or cost of its funding.
Here's what you need to know about today's credit rating downgrade by Moody's.
