MELBOURNE (Standard&Poor's) Oct. 26, 2010--Standard&Poor's Ratings Services said today that it had affirmed its 'AAA' long-term and 'A-1+' short-term ratings on the Australian state of Victoria. The outlook is stable. The ratings on Victoria are supported by our opinion of the strong institutional framework benefiting state governments in Australia, Victoria's very capable and conservative management, the state's resilient and diversified economy, and its robust operating position. These strengths are offset--as with all Australian states--by an institutional framework that features some structural imbalance between revenue powers and expenditure responsibilities. "The government's very strong financial management provides ongoing financial stability," Standard&Poor's credit analyst Anna Hughes said. "Victoria's good governance--including its strong fiscal strategy and good financial
