We have affirmed our 'AAA' rating on the Australian state of Victoria. We have retained our stable outlook on the rating. In our view, the state benefits from a strong institutional framework, very capable management and ongoing fiscal discipline, a resilient and diversified economy, and robust operating position. On Oct. 26, 2010, Standard&Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term ratings on the Australian state of Victoria. The outlook is stable. The ratings on Victoria are supported by our opinion of the strong institutional framework benefiting state governments in Australia, Victoria's very capable and conservative management, the state's resilient and diversified economy, and its robust operating position. These strengths are offset--as with all Australian states--by an
