SINGAPORE (Standard&Poor's) Jan. 24, 2002--Standard&Poor's today affirmed all its ratings on the Commonwealth of Australia, including its 'AA+' foreign currency sovereign credit rating. At the same time, Standard&Poor's also affirmed its ratings on government-guaranteed debt of the Export Finance&Insurance Corp. Australia's economy is holding up well during the current global slowdown, with real GDP growth in 2002 projected to continue outperforming those in North America, and in most of Europe and Asia. This resilience has been brought about mostly by past microeconomic structural reforms, low fiscal debt, stable inflation, and conservative macroeconomic management. In addition, the government's substantial fiscal flexibility, achieved from its low level of debt, has also enhanced its capacity
