The power of the credit rating
Jacob GreberSenior correspondent
Updated
The last time Moody's cut Australia's AAA credit rating – at the height of the banana republic scare of 1986 – Paul Keating was so angry he refused to talk to the agency, say people close to him at the time.
For a man who had been lauded two years earlier by Euromoney magazine as the world's greatest treasurer, the downgrade was a damning external repudiation. An accusation of fallibility.
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Jacob Greber writes about politics, economics and business from Canberra. He has been a Washington correspondent and economics correspondent. Connect with Jacob on Twitter. Email Jacob at jgreber@afr.com
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