We have affirmed the unsolicited ratings on Australia at 'AAA/A-1+', and the outlook remains stable. The credit ratings on Australia benefit from the country's wealthy and resilient economy, high degree of fiscal and monetary policy flexibility, and strong institutional settings. Moderating these strengths are the country's high external and household indebtedness, as well as vulnerability to weakening commodity export demand. On July 18, 2013, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' unsolicited sovereign credit ratings on the Commonwealth of Australia. The outlook remains stable. The unsolicited ratings on the Commonwealth of Australia benefit from the country's significant fiscal and monetary policy flexibility, economic resilience, and public policy stability. We believe these factors provide Australia with a strong ability to
