MELBOURNE (Standard&Poor's) Sept. 6, 2010--Standard&Poor's Ratings Services said today that it has 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 the country's ample fiscal and monetary policy flexibility, economic resilience, public policy stability, and its sound financial sector," Standard&Poor's credit analyst Kyran Curry said. "But these strengths are moderated by Australia's high external imbalances, dependence on commodity exports, and the risk of a housing market correction." Public sector finances underpin the ratings. Despite providing a large stimulus of almost 5% of GDP over 2009 and 2010, the government's fiscal position remains stronger than most 'AAA' rated peers'. We
