Victoria’s AAA economic rating reaffirmed
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19 April 2008
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Internationally recognised credit rating agency Moody’s has reaffirmed Victoria’s strong economic credentials in its April report.
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“Victoria is currently in a very good economic position and has again received a Triple-A rating,” Victorian Treasurer John Lenders said.
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“This report has given us top marks for our investment strategy and fiscal management. It confirms that the Government’s hard work is keeping Victoria’s finances on track, despite the emerging volatility in financial markets.
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“This good economic news comes on top of the A+ rating for financial transparency we received earlier this month making Victoria the only state ever to achieve the top score,” Mr Lenders said.
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Moody’s report found that “Victoria's credit quality reflects a sound record of financial performance underpinned by the state's prudent fiscal practices …”
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The Moody’s report also pointed to “strong governance and management factors to include multi-year budget projections, prudent forecasts and contingency provisions which have contributed to a strong record of meeting or exceeding targets over many consecutive years.”
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“The report shows Victoria will continue to hold its strong economic position in the future, saying our credit rating outlook was stable,” Mr Lenders said.
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Mr Lenders said the Victorian Government’s recent investment in water infrastructure, schools, hospitals, ports and roads had all been independently assessed to reaffirm the Triple-A rating.
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