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According to Marketwatch and other sources, Fitch has lowered the ratings of three of the top four Australian banks. As discussed previously, the action has been flagged well in advance. The Marketwatch article says the AUD dropped and it probably did to a small extent right after the announcement. Overall though, the market is still quite complacent of the issues "down under" and trades with a built-in expectation of continued strength in the Australian economy. The focus has been almost exclusively on the Greek drama and the Iran standoff and its impact on the world supply of oil. It appears that investors are still not really making the link between the weakness in China and its suppliers of raw materials.
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