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S&P Global Ratings maintain WA’s credit rating

Ratings agency S&P Global Ratings has today confirmed the State’s credit rating as AA+ negative outlook.

Western Australia’s AAA credit rating with both Moody’s and S&P Global Ratings was lost under the previous Liberal National government.

The State’s credit rating was last downgraded by Moody’s in February 2016, from Aa1 to Aa2. S&P Global Ratings has had the State on AA+ with a negative outlook since July 2015.

The report highlighted the State’s Government’s strong financial management and prudent approach to debt management, and determination to restore sustainability to the finances.

S&P also noted its expectation that the revenue forgone by the Liberal Party-defeated gold royalty increase will be replaced by other measures.

However, it was also noted that the inability of the Government to reach its revenue targets remained a risk for the State.

The Government remains committed to fixing the financial mess they inherited.