The sovereign credit ratings on Australia benefit from the country's strong institutional settings, its wealthy and resilient economy, and a high degree of monetary and fiscal policy flexibility. The country's high external and household indebtedness, as well as vulnerability to weakening commodity export demand, moderate these strengths. We have affirmed the unsolicited ratings on Australia at 'AAA/A-1+', and the outlook remains stable. The stable outlook is based on our assumption that Australia's historically conservative budgetary policies will remain in place. On July 29, 2014, 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 strong public policy
