Residential and commercial builders were experiencing higher levels of distress, with a major rating agency downgrading 23 per cent of the sector over the last nine months.
Chris Herde Follow @ChrisHerde 2 min read November 10, 2023 - 12:00AM
The Australian Business Network
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A leading credit rating agency has warned of heightened risks for the construction sector with the residential segment of the market faring the worst.
Equifax’s Quarterly Commercial Insights has downgraded 30 per cent of all construction companies assessed in the last 18 months, with 17 per cent being downgraded in the nine months to September 2023.
The credit rating agency found the civil and infrastructure segments were more resilient, with only 13 per cent being downgraded in the last nine months while residential and commercial builders were experiencing higher levels of distress, with 23 per cent downgraded over the same period.
Equifax’s head of Product and Rating Services Brad Walters
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