Standard & Poor’s reaffirms NSW’s AAA credit rating

Published 15th October, 2014 in Economy

Ratings agency Standard & Poor’s has reaffirmed the State’s prime credit rating and upgraded NSW’s outlook status to ‘stable’.

Exterior of Standard & Poor's office building

The announcement from Standard & Poor’s (S&P) now means that NSW currently holds the highest possible credit rating from the ‘big 3’ ratings agencies, which include Moody’s and Fitch Ratings.

S&P’s latest report noted:

“The outlook revision reflects NSW's stronger financial management over recent years, which we have reassessed to be very strong from strong. This improved financial management, along with higher revenue growth, has boosted the state's financial performance”.

S&P also noted NSW’s “supportive institutional framework, wealthy and diversified economy and exceptional liquidity” as reasons for increased confidence in the State’s economic performance.

NSW Premier Mike Baird described the news as “another strong vote of confidence in the NSW Government”.

“It shows we are making the right decisions to prioritise and deliver for the people of NSW”, Mr Baird said.

He added, “We have got the Budget under control and instilled discipline across government while investing in those areas where it’s most needed”.

Published 15th October, 2014 in Economy