On Sept. 21, 2018, we revised our outlook on the Commonwealth of Australia to stable from negative. Our outlook on Australia was placing downward pressure on our outlook on the State of Victoria because we believe no Australian state could maintain stronger credit characteristics than the sovereign in a stress scenario. We are revising our outlook on the state of Victoria to stable from negative. We are affirming our 'AAA/A-1+' long- and short-term ratings on Victoria. The ratings on Victoria reflect its wealthy economy and excellent financial management, which is containing deficits and growing debt levels by undertaking asset recycling initiatives to help fund its record capital spending. On Sept. 26, 2018, S&P Global Ratings revised its outlook on the
