This report supplements our research update "Ratings On Australian State of Victoria Affirmed At 'AAA/A-1+'; Outlook Remains Stable," published on Sept. 4, 2014. 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 extremely predictable and supportive institutional framework benefiting state governments in Australia, plus the state's very strong financial management, economy, and exceptional liquidity. The ratings also reflect Victoria's strong budgetary performance and low contingent liabilities. Victoria's average budgetary flexibility and its moderate debt burden partially offset these strengths. Australia's
