MELBOURNE (Standard & Poor's) July 26, 2004--Standard & Poor's Ratings Services said today it has affirmed the 'AAA/A-1+' local and foreign currency ratings on Australia's State of Victoria. The outlook remains stable. The 'AAA' and 'A-1+' ratings are the highest ratings assigned by Standard & Poor's. The rating is underpinned by low debt and a conservative fiscal framework that features a central element of on-going operating surpluses. 'Although debt is projected to increase over the next few years, this is not a concern because it is being raised to fund capital spending and because the state's overall debt burden will remain low,' said Standard & Poor's credit analyst Brendan Flynn, Sovereign and Public Finance Ratings. 'Indeed, a key advantage of
