Victoria's credit rating

The State of Victoria is rated by two international rating agencies - Standard & Poor's (S&P) and Moody's Investors Service (Moody's). Both rating agencies conduct an annual review of the State's:

• economic structure and prospects;
• financial performance and outlook;
• balance sheet position;
• liquidity and debt management strategy; and
• the Government's fiscal strategy.

Moody's Investor Services

On 15 February 2012, Moody's re-affirmed Victoria's Aaa credit rating. Moody’s credit opinion on the State of Victoria reflects a long-term historical record of sound financial performance, ample financial flexibility and a still moderate, albeit rising, debt burden.

On 1 May 2012, Moody's confirmed that the 2012-13 State Budget was consistent with the State's Aaa rating.

Moodys report - 2012-13 Budget (42 KB PDF)

Moody's press release - February 2012 (47 KB PDF)

Credit Opinion - 15 February 2012 (817 KB PDF)

Moody's press release - 2011-12 Budget (41 KB PDF) | (67 KB DOC)

Analysis report - February 2011 (889 KB PDF) | (1 MB DOC)

Credit Opinion - 8 February 2011 (75 KB PDF) | (805 KB DOC)

Standard & Poor's

On 25 October 2012, Standard & Poor's (S&P) affirmed Victoria's domestic currency debt and foreign currency debt ratings of AAA/A-1+ in its Ratings Direct report. The rating outlook remains stable.

The report cited that the key strengths behind Victoria's rating include strong institutional framework, capable and conservative financial management and strong diversified economy.

On 1 May 2012, Standard and Poor's confirmed that the 2012-13 State Budget was consistent with the State's Aaa rating.

Standard and Poor's report - October 2012 (348 KB PDF)

Standard and Poor's media release - 2012-13 Budget (53 KB PDF)

Ratings Direct - November 2011 (573 KB PDF) | (561 KB DOC)

S&P press release - 2011-12 Budget (355 KB PDF) | (225 KB DOC)


For further information or queries contact:
Financial Risk Management
Tel: +(61-3) 9651 5111

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