Triple-A Credit Rating For WA

Triple-A Credit Rating For WA

Western Australia Treasurer Christian Porter

Standard And Poor’s Affirms WA’s Triple-A Credit Rating

Victor P Taffa

International Credit Ratings Agency Standard & Poor’s today affirmed Western Australia’s Triple-A Credit Rating and stable outlook, quoting the State’s very capable management, strong financial position and strong economy.

Standard and Poor’s announcement included:

“The Western Australian Government’s fiscal discipline provides ongoing financial stability” and “The stable outlook reflects the current strength of the State’s financial position, and the Government’s commitment to fiscal prudence.”

Treasurer Christian Porter said the ratings update from Standard and Poor’s was a strong endorsement of the Government’s decisive actions to bring the State’s finances under control, in the midst of the volatility affecting other parts of the world.

 

 

“Standard and Poor’s confirmation of our Triple-A credit rating recognises that Western Australia has continued to adhere to its financial strategies, developed in response to the global economic down-turn.” Mr. Porter said.

“Their report also highlights the strength of the Western Australian Economy, including the State’s very high Gross State Product per capita.” Mr. Porter said.

The rating advice follows the release of the Government’s 2010-11 Mid-year Financial Projections Statement on December 17, 2010, which confirmed that the State’s finances are in a sound position, with net debt levels remaining affordable.

“As I indicated in releasing the mid-year review of the State Budget last week, it is nonetheless crucial that expenses growth is kept under control, as commodity prices will eventually return to normal and our GST revenue will continue to fall.” Mr. Porter said.