We have affirmed our 'AAA' long-term and 'A-1+' short-term credit ratings on the Australian State of Victoria and its central borrowing authority, the Treasury Corp. of Victoria. The ratings reflect our opinion of the strong institutional framework available to state governments in Australia, as well as Victoria's capable and conservative financial management and strong and diversified economy. The outlook is stable. On Nov. 7, 2011, Standard&Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term credit ratings on the Australian State of Victoria and the state's central borrowing authority, the Treasury Corp. of Victoria. The ratings on Victoria are supported by the strong institutional framework benefiting state governments in Australia, plus Victoria's very capable and conservative management and
