Australia’s big four banks are at risk of their credit ratings begin downgraded due to their dependence on international debt markets for funding, a credit ratings agency says.

Australia and New Zealand Banking Group, Westpac, National Australia Bank. and Commonwealth Bank have had their long-term issuer default ratings and viability ratings placed on ratings watch negative by the agency Fitch.

“Despite significant improvements, these banks continue to have a weaker funding profile than other similarly rated peers,” Fitch said of the local banks.