On July 7, 2016, we revised our outlook on the Commonwealth of Australia (unsolicited ratings 'AAA/A-1+') to negative from stable. We cap our long-term rating on Australian states and territories, and their government-related entities at the level of the long-term rating on the Commonwealth of Australia. Consequently, we are revising our outlook on New South Wales, Victoria, and Australian Capital Territory, and two treasury corporations to negative from stable. At the same time, we are affirming our 'AAA/A-1+' long- and short-term ratings on these entities. MELBOURNE (S&P Global Ratings) July 7, 2016--S&P Global Ratings said today that it had revised the rating outlooks to negative from stable, on the State of New South Wales (NSW) and the New South Wales
