NY -- Standard&Poor's CreditWire 4/16/96 -- Standard&Poor's today has affirmed its double-`A' long-term foreign currency rating for the Commonwealth of Australia. Standard&Poor's triple-`A' long-term rating on Australian dollar- denominated debt and its `A-1'-plus short-term rating are also affirmed. The outlook on the ratings remains stable. Approximately US$10.7 billion of rated debt is affected. The ratings balance Australia's diverse and increasingly competitive economy and narrowing fiscal imbalances with a comparatively high but declining net public external debt burden, expected to be about 73% of exports this year. The local currency rating reflects a stronger capacity to service Australian dollar debt than foreign currency debt due to moderate inflation, manageable public finances, and the commonwealth's taxation
