MELBOURNE (Standard&Poor's) Sept. 5, 2007--Standard&Poor's Ratings Services today said it had affirmed its 'AAA/A-1+' ratings on the Australian state of Victoria. The outlook is stable. The ratings on the state's central financing authority, Treasury Corp. of Victoria (TCV), which operates with the benefit of a state guarantee, have also been affirmed at 'AAA/A-1+'. The outlook on TCV is stable. "Similar to some of the other 'AAA' rated Australian states, Victoria's current budgetary policy favors partial debt funding of its capital program," Standard&Poor's credit analyst Danielle Westwater said. "However, the state's balance sheet is expected to remain strong and consistent with the ratings on the state." Victoria's capital program is expected to increase over the
