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CDS on some Australian stocks like Rio Tinto off to a good start today

|Includes: Rio Tinto plc (RIO)

Following an almost 10% tightening in Auzzie CDS in early trading today, Auzzie based companies are stronger. Rio Tinto CDS (quasi-Auzzie) is tighter by 10% to 95 basis points and the overall Australia iTraxx 12 is tighter by 10 basis points to 90 bps. Fitch raised Rio Tinto's credit rating on Friday from BBB+ to A- after the company has successfully been reducing debt. NAB says today Moody's and S&P may follow. 

Marketwatch has an update of other Australia stocks up early today. 

Disclosure: long all stocks