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Troubles by Qantas, Holden not a sign Australia struggling: Standard & Poor's

AFP--Ratings agency Standard & Poor's on Monday said its downgrade of airline Qantas and a decision by Holden to stop making cars locally were not signs that the Australian economy was in trouble.

S&P downgraded national carrier Qantas to “junk” status this month after the airline issued a shock profit warning and slashed jobs.

The move, coupled with fellow iconic brand Holden deciding to stop manufacturing cars in Australia from 2017 with the loss of 2,900 jobs, raised fears about the economic impact on the nation.

But in a comment piece for Fairfax newspapers, the ratings agency said it should not be regarded as a sign that the nation's economy was struggling. The agency currently has a top-notch AAA rating on the economy, with a stable outlook.

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