On Sept. 5, 2007, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on the Australian state of Victoria. The outlook is stable. The ratings on the state's central financing authority, Treasury Corp. of Victoria (TCV), which operates with the benefit of a state guarantee, have also been affirmed at 'AAA/A-1+' (see separate report on TCV, published on RatingsDirect, on Oct. 25, 2006). Located in the southeast, Victoria is the second largest state in Australia. The state accounts for nearly 25% of Australia's output and, with about 5.2 million people, represents 25% of Australia's total population. The ratings on Victoria are supported by the state's strong balance sheet, diversified economy, ongoing fiscal discipline and strong system support. Victoria's balance sheet
