Ratings agency S&P Global has highlighted the NSW Government’s “excellent financial management” in reaffirming the State’s Triple-A rating.
In its latest credit report, S&P Global noted the State’s “wealthy and diversified economy” and expectation it “will deliver on its large pipeline of infrastructure while maintaining after-capital-account deficits and debt at moderate levels compared to peers.”
The report demonstrates the State’s ability to invest in a $93 billion infrastructure program while maintaining debt at manageable levels.
“We expect NSW to continue to record solid economic growth. Public investment should contribute about half a percentage point to growth during the next two years,” the S&P report stated.
The S&P Global rating comes two weeks after Moody’s rating agency assigned the NSW Government a Triple-A rating.
The S&P report stated: “we expect NSW to continue to record solid economic growth. Public investment should contributes about half a percentage point to growth during the next two years.”
In their re-affirmation of the State’s triple-A credit rating, Moody’s highlighted the State’s strong financial management and noted that New South Wales’ rating reflects its expectation that “the state's large and diverse economy will continue to perform well”.
Moody’s said the Government’s investment in new infrastructure projects, low unemployment and asset recycling strategy all contributed to the decision.
New South Wales is one of only two states in Australia assigned a triple-A rating by both Moody’s and S&P Global Ratings.
Last updated: 04/02/2021