Wednesday 15 October 2014 STANDARD & POOR’S REAFFIRMS TRIPLE-A AND UPGRADES NSW TO STABLE OUTLOOK Ratings agency Standard & Poor’s has today reaffirmed the State’s triple-A credit rating and upgraded NSW to a stable outlook, in a clear endorsement of the strong and stable fiscal management of the NSW Liberals & Nationals Government. NSW Premier Mike Baird and Treasurer Andrew Constance welcomed the announcement and said NSW now holds the highest possible credit rating from all three ratings agencies. “Today’s announcement by Standard & Poor’s is another strong vote of confidence in this government and it shows we are making the right decisions to prioritise and deliver for the people of NSW,” Mr Baird said. “We have got the Budget under control and instilled discipline across government while investing in those areas where it’s most needed. “When we were elected in 2011, we faced the real prospect of losing the triple-A had we not cleaned up Labor’s mess. “We inherited massive levels of debt a $30 billion infrastructure backlog. The State’s finances were on an unsustainable path. “We made the difficult but right decisions at the time, and the ratings agencies have taken note.” In removing its negative watch for NSW, Standard & Poor’s noted: “The outlook revision reflects NSWs stronger financial management over recent years, which we have reassessed to be very strong from strong. This improved financial management, along with higher revenue growth, has boosted the states financial performance. “The ratings on NSW continue to reflect the extremely predictable and supportive institutional framework underpinning intergovernmental relations in Australia, NSWs wealthy and diversified economy, and the states exceptional liquidity.” Mr Constance said the triple-A credit rating would be put at risk under a future Labor government, leaving taxpayers to pay billions of dollars in interest. “John Robertson has opposed all of our savings measures and every one of our reforms to the balance sheet,” Mr Constance said. “To lose the triple-A credit rating would come at an incredible cost to our State and would leave us facing a debt of around $3.75 billion over the next 10 years – a cost Labor is willing to accept. “Today’s announcement by Standard & Poor’s illustrates why the decisions we’ve made as a government were vital to the State’s economic well-being, allowing us to re-invest in vital services and infrastructure, despite challenging economic conditions.”
Posted on: Wed, 15 Oct 2014 05:37:55 +0000
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