The ratings on New South Wales Treasury Corp. (TCorp.) reflect our assessment that there is an "almost certain" likelihood of extraordinary support provided in a stress scenario from TCorp's owner and guarantor, the State of New South Wales (NSW). In accordance with our criteria for government-related entities (GREs), our view of an "almost certain" likelihood of extraordinary support in a stress scenario is based on our assessment of TCorp's: "Critical" operational role in managing NSW's and its agencies' debt and a significant proportion of the state's financial assets, as well as providing ancillary services such as corporate finance and risk-management services; and "Integral" link with the NSW government, which owns TCorp. as well as providing it with a guarantee. We...
Companies mentioned in this report are:
- New South Wales Treasury Corp.
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