MELBOURNE -- Standard&Poor's CreditWire 5/14/97 -- Standard&Poor's today has affirmed its double-`A' long-term and `A-1'-plus short-term foreign currency ratings on the Commonwealth of Australia following the Commonwealth budget, which was handed down last night. The outlook on the foreign currency rating remains positive. Also affirmed are the triple-`A' long-term and `A-1'plus short-term local currency ratings on the Commonwealth of Australia. The local currency outlook remains stable. The Commonwealth government's 1997-98 budget, handed down on May 13, 1997, affirms the Howard government's medium-term fiscal tightening strategy set out in its first budget last year. There has been some slippage in the near-term underlying deficit reduction targets, although the fiscal tightening program is back on track in the
