The Andrews Labor Government’s strong financial management has been recognised yet again, with Victoria’s triple-A rating revised up to a stable outlook by international credit agency, Standard and Poors.
The Standard and Poors report released today, said the rating was underpinned by an expectation that Victoria would “maintain its strong fiscal position and comprehensive liquidity position as it delivers the state’s large infrastructure program.”
The global ratings agency revised its outlook to stable from negative – reflecting national conditions – and reaffirmed its triple-A long and short-term ratings on Victoria.
It said the stable outlook for the State reflected “Victoria’s wealthy economy and excellent financial management, which is containing deficits and growing debt levels by undertaking asset recycling initiatives to help fund its record capital spending.”
Standard and Poors also noted Victoria’s financial management had a culture of long-term planning and transparency, as well as exceptional debt and liquidity management through the Treasury Corporation of Victoria.
Last week, the 2017/18 Financial Report showed Victoria’s ongoing economic strength with a general government sector operating surplus of $2.3 billion, and significant jobs growth, which has piled on 370,000 jobs since the Labor Government was elected.
It also showed that state final demand was growing by 5 per cent for the period – the fastest growth rate in Victoria in eight years.
As stated by Treasurer Tim Pallas
“This independent and international affirmation by Standard and Poors confirms Victoria’s finances are in great shape under the leadership of the Andrews Labor Government.”
“Victoria is one of only two states with a prized triple-A stable outlook credit rating from both Moody’s and Standard and Poors.”
“Our record infrastructure pipeline is driving our economy and creating local jobs, and we’ll continue to work tirelessly to ensure all Victorians share in our State’s prosperity.”