The ratings on the Australian State of Victoria are supported by: A very strong balance sheet. Even under the most conservative measure of financial obligations, nonfinancial public sector (NFPS) net financial liabilities are only 55.8% of operating revenue in 2003. Less conservative measures show an even stronger position. For example, net direct debt of the general government sector is only 5.5% of operating revenue. Although current trends suggest that some deterioration in the balance sheet is likely, net financial liabilities are likely to remain less than 70% of revenue. Strong management capacity. The government's goal of accrual operating surpluses of at least A$100 million for the general government sector is not particularly onerous. However, the government's commitment to fiscal discipline
