On Jan. 13, 2009, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' foreign and local currency sovereign credit ratings on the Commonwealth of Australia. The outlook is stable. The ratings on Australia reflect our opinion of the country's sound government finances, resilient (albeit slowing) economy, and transparent policy environment with strong institutions. These strengths are moderated by the high level of private-sector external indebtedness at a time of heightened stress in the global financial system. Public sector finances underpin the ratings on the Australian government. The central government is in a net creditor position, which we estimate to be at 3% of GDP at June 30, 2009. Furthermore, we observe that the government has been building up financial assets to
