This report supplements our research update "Australian State Of Victoria Ratings Affirmed At 'AAA/A-1+'; Outlook Remains Negative," published on Aug. 24, 2017. 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 State of Victoria's credit rating is underpinned by Australia's institutional framework and its economy, which, along with asset recycling, continues to support its financial position through strong revenue growth. After updating our forecasts until 2020 we expect Victoria's financial management to maintain its comprehensive liquidity coverage as it delivers its large infrastructure program, which will increase its borrowings for the
