MELBOURNE (Standard&Poor's) May 5, 2009—Standard&Poor's Ratings Services today said that the budget announced today for the State of Victoria is consistent with the 'AAA' credit rating and stable outlook already assigned to the state. The broader economic downturn has significantly affected Victoria's revenues. However, the government's revision of its operating expenses reveals that Victoria's total public sector is forecasting a small deficit in fiscal 2009 and modest surpluses over the forecast period. Victoria's expectation of significantly less operating revenues in combination with an increase in the value of its unfunded superannuation liability means the government expects its ratio of whole-of-government net financial liabilities (net debt plus unfunded superannuation) to operating revenue reaching 119% by fiscal 2013,
