OVERVIEW -- Victoria continues to sustain a strong budgetary performance -- We are affirming the ratings on Victoria at 'AAA/A-1+' -- The outlook is stable MELBOURNE (Standard&Poor's) Sept. 1, 2009-- Standard&Poor's Ratings Services today said that it had affirmed the ratings on the Australian State of Victoria and the state's central borrowing authority, the Treasury Corporation of Victoria. The outlooks on the ratings are stable. The ratings reflect the state's strong balance sheet, diversified economy, ongoing fiscal discipline and strong system support. These strengths are offset, as with all Australian states, by an institutional framework that contains a degree of vertical fiscal imbalance. Significantly less operating revenues in combination with an increase in the value of
