S&P affirms triple-A rating for Australia

SYDNEY: Standard & Poor’s (S&P) affirmed Australia’s coveted triple-A rating yesterday, citing low public debt and a “wealthy and resilient economy” although concerns remain about the government’s ability to return to a budget surplus. The government last week pledged to deliver a small surplus in 2020/21, ending more than a decade of deficits that have threatened its top-notch credit rating. Moody’s Investors Service and Fitch Ratings also welcomed the government’s economic blueprint.