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I AGREE
21 Dec 2011
New York, December 21, 2011 -- Moody's maintains the following ratings on Australia, Government
of:
Long Term Issuer (domestic and foreign currency) ratings of Aaa
Senior Unsecured (domestic and foreign currency) ratings of Aaa
Senior Unsecured Shelf (foreign currency) rating of (P)Aaa
RATINGS RATIONALE
Australia's Aaa ratings are based on the country's very high economic
resiliency, very high government financial strength, and very
low susceptibility to event risk. Economic resiliency is demonstrated
by the country's very high per capita income, large size,
and economic diversity. As one of the world's most advanced economies,
the country has not only a significant natural resource sector--including
minerals, hydrocarbons, and agriculture--but
also well developed manufacturing and service sectors. It also
demonstrates strong governance indicators. In particular,
the framework for fiscal policy is transparent and has, until now,
consistently kept government debt at low levels.
The government's debt rating of Aaa takes into account the aim of maintaining
a balanced budget, on average, over the business cycle.
It is supported by the very low level of public debt and the country's
strong financial system. In comparison to most other Aaa-rated
countries, Australia's government financial strength is very high,
with very low gross debt that is easily affordable and provides a high
degree of fiscal flexibility.
Although Australia's demographics and policy framework leave it well positioned
to deal with population aging relative to other industrial countries,
the government's own analysis indicates that health and aged care spending
will lead to the emergence of a funding gap over the next 40 years.
While the fiscal burden is well into the future, policy measures
to address it will have to be initiated in the near term.
The diversity of the economy and the strength of the financial system
lead to a very low level of event risk. However, the banks
are more dependent on foreign funding than in some other advanced economies.
The large size of the negative net international investment position is
a vulnerability in times of global financial market stress.
Rating Outlook
The stable ratings outlook is premised on the expectations that the government
will maintain its low debt levels and macroeconomic conditions will continue
to support fiscal consolidation. The Commonwealth government was
a net creditor prior to the global crisis, but will show small net
debt for the coming few years.
What Could Change the Rating - Down
Any trend or event that caused a long-term shift in budget balances
to significant deficits and an increasing public debt burden might put
downward pressure on the rating. Such trends could include,
for example, fiscal costs associated with an aging population.
However, since the government has been proactive in addressing this
issue through its superannuation policies and proposed reforms to healthcare
schemes, Moody's does not anticipate sustained fiscal deterioration
over the rating horizon.
The principal methodology used in this rating was Sovereign Bond Ratings
published in September 2008. Please see the Credit Policy page
on www.moodys.com for a copy of this methodology.
REGULATORY DISCLOSURES
Although this credit rating has been issued in a non-EU country
which has not been recognized as endorsable at this date, this credit
rating is deemed "EU qualified by extension" and may still
be used by financial institutions for regulatory purposes until 31 January
2012. ESMA may extend the use of credit ratings for regulatory
purposes in the European Community for three additional months,
until 30 April 2012, if ESMA decides that exceptional circumstances
arise that may imply potential market disruption or financial instability.
Further information on the EU endorsement status and on the Moody's
office that has issued a particular Credit Rating is available on www.moodys.com.
For ratings issued on a program, series or category/class of debt,
this announcement provides relevant regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
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rating practices. For ratings issued on a support provider,
this announcement provides relevant regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
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Moody's adopts all necessary measures so that the information it
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Please see the ratings disclosure page on www.moodys.com
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and for (B) further information regarding certain affiliations that may
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for further information.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has
issued the rating.
Steven A. Hess
VP - Senior Credit Officer
Sovereign Risk Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Bart Oosterveld
MD - Sovereign Risk
Sovereign Risk Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Disclosures on Credit Ratings of Australia, Government of
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
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