MELBOURNE (Standard&Poor's) Jan. 13, 2009--Standard&Poor's Ratings Services today said that it had affirmed its 'AAA/A-1+' foreign and local currency sovereign credit ratings on the Commonwealth of Australia. The outlook is stable. The ratings on Australia reflect our opinion of the country's sound government finances, resilient (albeit slowing) economy, and transparent policy environment with strong institutions. Public sector finances underpin the ratings and stable outlook on the Australian government. The central government is in a net creditor position, which we estimate to be 3% of GDP at June 30, 2009. Furthermore, we observe that the government has been building up financial assets to fund its pension obligations, improving Australia's inter-temporal fiscal position. While we forecast that the
