On April 8, 2020, we revised our outlook on Australia (AAA/A-1+) to negative from stable. We are consequently revising our outlook on the State of Victoria to negative from stable because we believe no Australian state can maintain stronger credit characteristics than the sovereign in a stress scenario. We are also affirming our 'AAA/A-1+' long and short-term ratings on Victoria. We could lower our ratings on Victoria if we were to take similar action on Australia during the next two years. On April 8, 2020, S&P Global Ratings revised its outlook on the long-term ratings on the State of Victoria (Victoria) to negative from stable. At the same time, we affirmed our 'AAA/A-1+' local- and foreign-currency ratings. The negative outlook
