We are affirming our 'AAA/A-1+' long- and short-term ratings on the State of Victoria (Victoria). The negative outlook reflects that on the Australian sovereign. A lowering of the long-term rating on the sovereign would result in the same action on Victoria because we consider the state is unlikely to withstand a stress scenario better than the sovereign. Our ratings on Victoria reflect the state's comprehensive liquidity coverage as well as its wealthy economy and asset recycling, which are containing after-capital account deficits and debt levels during the delivery of the state's large infrastructure program. On Aug. 24, 2017, S&P Global Ratings affirmed its 'AAA/A-1+' ratings on the Australian State of Victoria. The outlook remains negative. The negative outlook on Victoria
