Moody's warns ANZ of risk from BBSW case

Ratings agency Moody's says ANZ could be exposed to potential class-action lawsuits if it loses its BBSW rate rigging court case.

Moody's is warning that ANZ's credit rating is at risk of it loses its BBSW rate rigging court case. (AAP)

ANZ's credit rating could be hit if it is found guilty of involvement in interest rate rigging, an international ratings agency says.

Moody's says the bank would be unlikely to suffer significant financial strain as a direct result of ASIC allegations being proved in court, but that the risk to its reputation is meaningful.

"Additionally, if proven, the charges threaten to leave the bank exposed to potential class-action lawsuits whose damages could be significant," Moody's said in a statement.

The Australian Securities and Investments Commission last week commenced Federal Court proceedings over allegations of market manipulation by ANZ in relation to the bank bill swap rate (BBSW), the rate at which banks lend each other money.

Moody's credit rating on ANZ remains AA2 stable.