MELBOURNE (Standard&Poor's) July 29, 2014--Standard&Poor's Ratings Services said today it has affirmed its 'AAA/A-1+' unsolicited sovereign credit ratings on the Commonwealth of Australia. The outlook remains stable. "The unsolicited ratings on the Commonwealth of Australia benefit from the country's strong public policy settings, economic resilience, and significant fiscal and monetary policy flexibility," said credit analyst Craig Michaels. "We believe these factors provide Australia with a strong ability to absorb large economic and financial shocks, as was demonstrated during the global recession in 2009. Australia's high external imbalances, dependence on commodity exports, and high household debt moderate these strengths." Australia is a wealthy economy, with GDP per capita of about US$67,500 in 2013. Australia's economic resilience reflects
