S&P reversal leaves blue chips unbalanced

Standard & Poor's overnight re-rating of up to $3.6 billion of equity into debt will force a funding rethink from several major Australian companies, highlighting the risk in hybrid securities.

In a decision akin to reverse alchemy Standard and Poor’s turned $3.6 billion of equity into debt yesterday, which will force a number of large Australian companies to re-evaluate their balance sheets.

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