We are affirming our 'AAA/A-1+' long and short-term ratings on Victoria. The ratings on the State of Victoria reflect our view of Australia's extremely predictable and supportive institutional framework, plus the state's very strong financial management and economy, and its exceptional liquidity. The stable outlook reflects our view that the government will largely achieve its financial forecasts, allowing it to strengthen its cash operating surplus over the forward estimates, and that it will successfully refinance its upcoming debt maturities. On Aug. 28, 2015, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on the Australian State of Victoria. The outlook remains stable. The rating affirmation on the State of Victoria reflects our view of the extremely predictable and supportive institutional
