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Defying Empire commemorates the 50th anniversary of 1967 Referendum

ACT keeps its credit rating

By johnboy - 7 December 2011 3

credit cards

Andrew Barr is celebrating the ACT Government’s defense of its credit rating with Standard & Poor’s.

International ratings agency Standard & Poor’s Ratings Services (S&P) has announced today the affirmation of the ACT’s ‘AAA’ long-term and ‘A-1+’ short-term local current credit ratings.

The confirmation of the highest possible credit rating for the Territory is a welcome acknowledgement of the ACT Labor Government’s prudent financial management and strong budgetary performance over the past several years.

Standard & Poor’s has indicated that the success of the Territory’s efficiency and savings program is a very positive factor in determining the jurisdictions credit rating and considerable weight has also been given to the response of the ACT Labor Government in the face of declining revenue bases and appropriate liquidity management.

[Photo by Andres Rueda CC BY]

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3 Responses to
ACT keeps its credit rating
Tetranitrate 10:32 am 08 Dec 11

Sleaz274 said :

How Standard & Poors has any credibility at all is beyond me. GFC anyone?

How they haven’t been put up on fraud charges along with several banks is also beyond me.

Totally agreed, it’s absurd that any of the ratings agencies still exist after they stamped AAA all over subprime garbage.

Chop71 9:42 am 08 Dec 11

So a government who fails to even put in a GST submission and failed in gaining funding from meeting hospital performance targets still holds a AAA rating.

It’s the people of the ACT doing the heavy lifting, not the gumbymint

Sleaz274 9:24 am 08 Dec 11

How Standard & Poors has any credibility at all is beyond me. GFC anyone?

How they haven’t been put up on fraud charges along with several banks is also beyond me.

Why we pander to their interests and ratings when the ACT Government borrows very little, if at all, is also beyond me. We don’t get invested in, we don’t issue bonds, our budget is essentially reliant on Commonwealth GST distribution so who gives two shakes? America still maintains a AA rating even though it is technically bankrupt.

I could write a better report on the ACT’s finances and wouldn’t charge $x millions every year for it either.

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