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Australia's Foreign Currency Rating Upgraded to 'AA+' May 99
Standard & Poors, May 1999
Abstract
MELBOURNE (Standard & Poor's CreditWire) May 18, 1999--Standard & Poor's today raised the senior unsecured and sovereign foreign currency long-term credit ratings on the Commonwealth of Australia to double-'A'-plus from double-'A'. The Commonwealth's triple-'A' local currency ratings and 'A-1'-plus short-term credit ratings were affirmed. The outlooks on both the foreign and local currency long-term ratings are stable. In a related action, Standard & Poor's raised the long-term foreign currency senior unsecured ratings on the guaranteed debt issues of Export Finance & Insurance Corp. (EFIC) to double-'A'-plus from double-'A'. Standard & Poor's also affirmed EFIC's guaranteed local currency senior unsecured ratings and 'A-1'-plus short-term credit ratings. The upgrade reflects: -- The government's improved external flexibility, emanating from a rapidly declining net...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),Export Finance & Insurance Corp.
Action: Upgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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