We expect Victoria to sustain weaker after-capital deficits and growing debt levels compared with previous years as it carries out its record infrastructure spending over the next few years. We expect the state's excellent financial management, wealthy economy, and robust liquidity levels to continue to maintain its creditworthiness. We are affirming our 'AAA' long-term foreign- and local-currency ratings and 'A-1+' short-term rating on Victoria. The outlook is stable. On Aug. 22, 2019, S&P Global Ratings affirmed its 'AAA' long-term foreign- and local-currency ratings and 'A-1+' short-term issuer credit rating on the Australian State of Victoria. The outlook on the ratings remains stable. The stable outlook reflects our expectation that Victoria's financial management will deliver its major infrastructure commitments largely within
