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The global ratings agency, Moody’s Investors Service, said in a statement on Tuesday, it has downgraded the Australian state of Victoria’s rating to Aa1.

Moody’s also altered Victoria’s outlook to ‘Negative’.

This comes in light of the recent lockdown restrictions induced by the coronavirus outbreaks in the state.

Market reaction

AUD/USD holds the higher ground around 0.7930, up 0.21% on the day, as the aussie dollar shrugs-off the Moody’s downgrade report and Australia’s exports slump.

  • AUD/USD wavers above 0.7900 despite Australia’s exports slump, Powell’s testimony in focus
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