S&P Global Ratings has downgraded both Victoria’s and NSW’s credit ratings due to the weaker fiscal outlooks:
S&P Global Ratings slashed Victoria’s credit rating by a more severe double notch to AA and lowered NSW to AA+, marking the first time since 2003 that either state has missed out on the top-tier AAA rating held by the federal government.
After Victoria’s second virus lockdown and lingering recession, the state’s finances overseen by Daniel Andrews’ Labor government are forecast to blow out with a record $23.3 billion budget deficit this financial year and $155 billion debt by 2024.
