International long term credit ratings

Australia and New South Wales continue to enjoy AAA sovereign credit ratings from both Standard & Poor's and Moody's. A top sovereign credit rating signifies an extremely strong capacity for governments to meet their financial commitments and withstand changing economic circumstances. 

In 2013, Moody's and Standard & Poor's reaffirmed their AAA credit ratings for New South Wales.  Moody's noted the State's rating and stable outlook reflect its diverse economic base and considerable budget flexibility, while Standard & Poor's, though maintaining a negative outlook due to the State's large infrastructure program, cited New South Wales' wealthy and diversified economy and excellent liquidity. New South Wales has maintained the highest AAA foreign currency long-term credit rating from Standard & Poor's since February 2003.

New South Wales' sovereign credit rating is a reflection of the low risk of doing business in the State. The State's top credit rating also helps it to provide essential infrastructure and services at a lower cost to its residents than it would have otherwise. 


Long-term credit ratings - international, 2013
Country/State Standard & Poor's foreign currency long-term rating Moody's government bonds (foreign currency)
long-term rating
Australia AAA Aaa
Germany AAA Aaa1
Singapore AAA Aaa
New South Wales AAA1 Aaa
Hong Kong SAR AAA Aa1
United Kingdom AAA1 Aa1
United States AA+ Aaa
France AA+1 Aa11
New Zealand AA Aaa
China AA- Aa3
Taiwan AA- Aa3
Japan AA-1 Aa3
Korea A+ Aa3
Malaysia A- A3
Thailand BBB+ Baa1
Philippines BBB- Baa32
India BBB-1 Baa3
Indonesia BB+ Baa3


  1. Ratings have a negative outlook.
  2. Ratings have a positive outlook.

Sources: Standard and Poor's as at 23 October 2013; Moody's as at 18 October 2013.