Rating agency reaffirms AAA rating for Australia

International rating agency, Moody’s, have reaffirmed Australia’s top level AAA credit rating.

Treasurer and acting Prime Minister Wayne Swan said this was yet another resounding endorsement of Australia’s sturdy public finances and strong economic fundamentals.

“At a time when other developed economies have had their ratings cut, or put on review for potential downgrade, Australia stands tall in the world with its gold-plated AAA status safe and secure,” he said in a statement.

“Moody’s commends the government’s fiscal policy, noting our very high financial strength and very low levels of debt.”

In its statement, Moody’s said 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.

With everything that has happened in 2011 we can be confident that Australia remains well positioned to recover in comparison to other nations.