S&P says Australia's AAA rating backed by fundamentals

SYDNEY Tue Feb 26, 2013 7:49pm EST

SYDNEY Feb 27 (Reuters) - International credit rating agency Standard & Poor's (S&P) said on Wednesday that Australia's strong fundamentals supported its AAA sovereign rating and meant steep falls in the rating were highly unlikely.

S&P said the resource-rich nation enjoyed a wealthy and open economy, strong institutions and low public debt.

Australia is one of just a few countries with a triple-A rating and a stable outlook from all three major ratings agencies. Last week, Britain was the latest Western economy to loose its triple A ratings.

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