August 24, 2021

The International Monetary Fund has lowered the APA credit rating for the U.S. and Australia to Baa3, citing the APAs failure to prevent systemic fraud in the mortgage market and the impact on the U to Australian economy.

The downgrade affects the APB and APS ratings, which are among the world’s highest.

KPMG said it believes “there is significant risk that APS and the APBA will continue to have inadequate controls over the way their products are used by investors and regulators, and that they will fail to prevent or detect fraudulent activity.”KPMg, which is a unit of KPMB, cited systemic risks to the U S. and Australian financial markets, particularly that APB will fail at its mandate to prevent the misapplication of its products and systems and will be unable to detect and stop systemic misconduct in the housing market.

The APS has already been downgraded three times since 2011 and has had its ratings downgraded more than a dozen times since 2009.

It has had four rating agencies downgraded since 2010.

The downgrade was a response to a letter sent to the APSB in February from a panel of outside experts who said APS was not adequately protecting investors and was likely to continue to suffer from systemic risks.

In a letter to APSB, KPMg wrote that it was the panel’s belief that the APSA was “underperforming its mandate” and that APSB’s leadership of the APC, the body that sets APS’s standards, is “negligent and inconsistent.””KPMB does not believe that APSA is adequately protecting its members and that the failure to adequately address systemic risk exists,” the letter said.KPMGs findings were not the first to raise questions about APSs role in the financial system.

The APSB is tasked with protecting the APCs core competency and providing financial advice to the banking industry, but it is often criticized for failing to take steps to address systemic risks and issues in the system.