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Australia Scores on the Plus Side May 99
Standard & Poors, May 1999
Abstract
Declining debt and fiscal restraint have combined to boost Standard & Poor's foreign currency long-term credit rating for Australia, notching it up to 'AA+' with a stable outlook from 'AA' with a positive outlook. As a consequence, the ratings on foreign currency debt issues of the Export Finance & Insurance Corp. (EFIC) improved to 'AA+' from 'AA', since the EFIC, as Australia's export credit agency, has all its obligations guaranteed by the commonwealth. Additionally, the sovereign upgrade enabled five states, seven corporations, and seven financial institutions in Australia to achieve the same improvement to 'AA+' with a stable outlook from 'AA' with a positive outlook. Australia's net public-sector external debt, estimated at about 35% of exports for 1999, has declined...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),Export Finance & Insurance Corp.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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