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.
|Country/State||Standard & Poor's foreign currency long-term rating||
Moody's government bonds (foreign currency)|
|New South Wales||AAA1||Aaa|
|Hong Kong SAR||AAA||Aa1|
- Ratings have a negative outlook.
- Ratings have a positive outlook.
Sources: Standard and Poor's as at 23 October 2013; Moody's as at 18 October 2013.