MELBOURNE (Standard&Poor's) Sept. 19, 2012—Standard&Poor's Ratings Services said that it has affirmed its unsolicited 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Commonwealth of Australia. The outlook remains stable. The ratings on Australia reflect Standard&Poor's view of the country's ample fiscal and monetary policy flexibility, economic resilience, public policy stability, and a financial sector that appears to be sound. We believe these factors demonstrate Australia's strong ability to absorb large economic and financial shocks, such as the global recession in 2009. These strengths are moderated by Australia's high external imbalances, dependence on commodity exports, and high household debt, all of which weigh on its growth prospects. "The Australian economy performed relatively well
