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Fitch Ratings upgrades Australia's foreign-currency IDR to "AAA"

(Xinhua)

14:07, November 29, 2011

SYDNEY, Nov. 29 (Xinhua) -- Fitch Ratings has upgraded Australia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to "AAA" from "AA+" over the nation's high value-added economy, strong political institutions and flexible policy, the global rating agency said on Tuesday.

"Australia's 'AAA' Foreign-Currency IDR reflects its fundamental credit strengths, including its high value-added economy, strong political, civil and social institutions and its flexible policy framework," Art Woo, Director in Fitch's Asia Sovereign Ratings group, said in a statement on Tuesday.

Fitch also affirmed Australia's Long-Term Local Currency IDR rating of AAA with a stable outlook.

"The combination of low public debt, a freely floating exchange rate, a credible inflation target framework, and liberal trade and labor markets provides Australian authorities the flexibility to run strong counter-cyclical fiscal and monetary policies during both economic downturns and upturns," Woo said.

"These factors have helped Australia weather a number of externally-driven shocks over the past two decades."

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