On July 13, 2005, Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on the Australian State of Victoria. The outlook is stable. Ratings are supported by: The state's strong balance sheet. Net debt is low and its financial performance is strong compared with 'AAA' regional government peers. Its low net financial liabilities provide the capacity for spending increases within the existing credit rating. The state is forecasting that general government sector underlying unfunded superannuation and net debt will rise to A$23.9 billion by fiscal 2009, from A$17.4 billion in fiscal 2004 (on a like-for-like basis). The government has demonstrated fiscal prudence, keeping to fiscal strategy targets and ensuring adequate levels of fiscal flexibility, in particular its target of keeping
