MELBOURNE (Standard&Poor's) Oct. 25, 2012--Standard&Poor's Ratings Services said today that it has affirmed its 'AAA/A-1+' issuer credit ratings on the Australian State of Victoria, and the state's central borrowing authority, the Treasury Corp. of Victoria. The outlook is stable. The ratings on Victoria are supported by the strong institutional framework benefiting state governments in Australia, plus Victoria's very capable and conservative management, the state's resilient and diversified economy, and its robust operating position. These strengths are offset--as with all Australian states--by an institutional framework that features some structural imbalance between revenue powers and expenditure responsibilities. The stable outlook reflects our expectation that Victoria will continue to deliver on its budgeted cost savings and its fiscal strategy,
