This report supplements our research update "Ratings On Australian State of Victoria Affirmed At 'AAA/A-1+'; Outlook Remains Stable," published on Nov. 7, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on the State of Victoria reflect our view of the strong institutional framework for state governments in Australia, combined with Victoria's very positive financial management; strong and resilient economy; its very positive liquidity position; and manageable contingent liabilities. Partially offsetting these strengths are the state's moderate budgetary performance and flexibility, and its rising debt burden. Standard&Poor's
