On July 7, 2016, we revised our outlook on the Commonwealth of Australia to negative from stable and affirmed the 'AAA/A-1+' ratings. We cap our long-term rating on the State of Victoria (Victoria) at the level of the long-term rating on the Australia. Consequently, we are revising our outlook on Victoria to negative from stable and affirming our 'AAA/A-1+' ratings on the state. The negative outlook on Victoria reflects that on the sovereign, indicating an at least one-in-three likelihood of a downgrade of both Australia and Victoria within the next 12 months. On July 7, 2016, S&P Global Ratings revised its outlook on the Australian State of Victoria to negative from stable. At the same time, we affirmed our 'AAA/A-1+'
