Commonwealth Bank of Australia
(ASX:CBA) chief executive Ralph Norris says credit rating agencies are usually “a bit late to the party”.
Mr Norris took a swipe at Standard & Poor’s , labelling possible changes to how it rates banks as “somewhat meaningless”.
S&P was the agency responsible for downgrading the credit rating of the United States, which quickly led to a wave of panic selling across world markets.
The Commonwealth Bank reported a net profit of $6.4 billion for the financial year to June 30.
