MELBOURNE (Standard&Poor's) Aug. 17, 2006--Standard&Poor's Ratings Services today said it had affirmed its 'AAA' long-term and 'A-1+' short-term local currency credit ratings on the state of Victoria. The outlook on the ratings is stable. "Victoria's credit strength remains strong," said credit analyst Danielle Westwater, of the International Public Finance Ratings group. "The state has a strong economic base, low debt levels, and there is an ongoing commitment from the government toward maintaining its track record of fiscal prudence." The state typically records strong financial performances, achieving 2.7% accrual operating surpluses to operating revenue in fiscal 2005. This performance is expected to weaken to 0.9% in fiscal 2010, but remains consistent with the 'AAA' rating. Although the
