OVERVIEW We are affirming our 'AAA/A-1+' long and short-term ratings on Victoria. The stable outlook reflects our view that the government will largely achieve its revenue forecasts and will maintain its fiscal discipline, allowing it to strengthen its cash operating surplus over the forward estimates. RATING ACTION On Sept. 5, 2014, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on the Australian State of Victoria. The outlook remains stable. RATIONALE The ratings affirmations on the State of Victoria reflect our view of the extremely predictable and supportive institutional framework benefiting state governments in Australia, plus the state's very strong financial management, economy, and exceptional liquidity. The ratings also reflect Victoria's strong budgetary performance and low contingent liabilities. Victoria's average
