MELBOURNE (Standard&Poor's) Nov. 17, 2006--Standard&Poor's Ratings Services today said it had affirmed its 'AAA/A-1+' foreign and local currency sovereign credit ratings on the Commonwealth of Australia (Australia). The outlook is stable. "The ratings on Australia are supported by the country's solid financial profile, strong institutions, and transparent policy environment. In addition, the ratings are bolstered by Australia's resilient and competitive economy, which is underpinned by past structural reforms," said Standard&Poor's credit analyst Kyran Curry of the Sovereign Ratings group. "These strengths are partly offset by Australia's high level of private-sector external indebtedness." Australia has one of the best fiscal positions globally, which is reflected in the net creditor position of the Australian federal government.
