MELBOURNE (Standard&Poor's CreditWire) Dec. 13, 2000---- Standard&Poor's today affirmed its sovereign and senior unsecured credit ratings on the Commonwealth of Australia, including the double-'A'-plus long-term foreign currency rating. At the same time, Standard&Poor's also affirmed its foreign and local currency senior unsecured ratings on the Export Finance&Insurance Corp.'s (EFIC) obligations, which are guaranteed by Australia. The outlook on the long-term ratings on the sovereign remains stable. The ratings on Australia reflect: -- The government's improved fiscal flexibility, stemming from favorable net public-sector external and net general government debt burdens, estimated at about 15% of exports and 8% of GDP this year, respectively, compared with the highs of 72% and 23% in 1995.
