MELBOURNE (Standard&Poor's) Nov. 7, 2011--Standard&Poor's Ratings Services said today that it had affirmed the 'AAA/A-1+' ratings on the State of Victoria and the state's central borrowing authority, the Treasury Corp. of Victoria. The ratings on Victoria are supported by the strong institutional framework benefiting state governments in Australia, 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 opinion of the government's commitment to fiscal prudence. This includes a fiscal strategy that seeks to maintain an adequate operating performance and strong balance
