We are affirming our 'AAA/A-1+' long and short-term ratings on Victoria. The stable outlook reflects our view that the government will largely achieve its revenue forecasts and will maintain its fiscal discipline, allowing it to strengthen its cash operating surplus over the forward estimates. On Nov. 8, 2013, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on the Australian state of Victoria. The outlook remains stable. The ratings on the State of Victoria reflect our view of the strong institutional framework for state governments in Australia, combined with Victoria's very positive financial management; strong and resilient economy; its very positive liquidity position; and manageable contingent liabilities. Partially offsetting these strengths are the state's moderate budgetary performance and flexibility, and
