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Why NAB (ASX:NAB) and other bank shares are on watch today



ASX bank shares will be on watch today as credit ratings agency Fitch upgraded its outlook for two of the majors.

Why are ASX bank shares worth watching?

National Australia Bank Limited (ASX: NAB) last night provided a price-sensitive announcement after the market’s close. That update detailed Fitch Ratings’ revised outlook for the bank from ‘Negative’ to ‘Stable’.

According to the release, the change in ratings outlook “reflects Fitch’s view of the improved economic prospects in Australia”. Fitch affirmed both NAB and its New Zealand subsidiary, Bank of New Zealand’s, long-term issuer credit ratings at ‘A+’ and ‘F1’…

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