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Australia (Commonwealth of) Feb 03
Standard & Poors, Feb 2003
Abstract
The foreign currency rating on the Commonwealth of Australia was raised to 'AAA' on Feb. 17, 2003. The upgrade reflects the government's success in increasing its flexibility, including its fiscal strength, to deal with any foreseeable shocks. The higher rating also reflects the reduced foreign currency risk from most balance of payment or external liquidity stresses from Australia's high external liabilities. The ratings on Australia are supported by the sovereign's: Substantial fiscal flexibility. Australia has one of the strongest fiscal positions globally. This is underpinned by its very low and declining net public sector external and net general government debt burdens of about 3% of current account receipts and 3% of GDP, respectively. Commitment to fiscal discipline is well entrenched...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),Australian Industry Development Corp.,Commonwealth Bank of Australia,Export Finance & Insurance Corp.,ASB Bank Ltd.,CBFC Ltd.,Australian Postal Corp.,ASB Finance Ltd.,Colonial Finance Ltd.,The Colonial Mutual Life Assurance Society Ltd.,Airservices Australia,Colonial Holding Co. Ltd.,The Colonial Mutual Life Assurance Society Ltd. (NZ Branch),CBA Funding NZ Ltd.,Sun Life Hong Kong Ltd.,Commonwealth Scientific and Industrial Research Organisation,Australian National University (The)
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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