S&P reaffirms AA+ credit rating on Australian state of Queensland

16:20, April 01, 2011      

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Ratings agency Standard and Poor's (S&P) had reaffirmed Queensland's AA+ credit rating in its first analysis since the state's natural disasters, Australia's Queensland Treasurer Andrew Fraser said on Friday.

Fraser said the rating provided justification for the government's strategies.

"Standard and Poors is the independent umpire and this report supports the steps the government has taken to build an economic recovery and strengthen the state's finances," Fraser said in a statement on Friday.

"The government has worked hard to stabilize and strengthen our economy following the twin blows of the global financial crisis and now the natural disasters, and the work is not over yet."

Standard and Poors, one of the Big Three credit rating agencies, agreed with the government's assessment that economic growth would slow in the short term, Fraser said.

The reconstruction effort is expected to boost the economy in the second half of the year, he said.

Source: Xinhua
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