MELBOURNE (Standard & Poor's) Oct. 6, 2005ùThe Australian State of Victoria's "Financial Report" for fiscal 2005ùreleased todayùshows another year of better-than-expected fiscal outcomes and further improvement in the government's fiscal health. This provides further support to the state's 'AAA' ratingùthe highest rating assigned by Standard & Poor's. "The state has once again delivered stronger-than-forecast results, with a better-than-expected net debt result," said Brendan Flynn, credit analyst, Standard & Poor's Sovereign & International Public Finance Ratings group. Several factors have contributed to the better-than-expected fiscal outcome, including stronger revenue collection, which was only partly offset by increased operating spending; timing of capital spending; and stronger-than-assumed investment markets, which increased the value of the assets held by the state to offset its
