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APAC

S&P affirms Australia's rating; flags fiscal and economic risks

(Reuters) - Credit rating agency S&P Global Ratings on Tuesday affirmed Australia’s sovereign credit ratings at ‘AAA/A-1+’ with a negative outlook, flagging economic and fiscal risks.

"The negative outlook reflects our view that Australia faces fiscal and economic risks that are tilted toward the downside", S&P said in a note bit.ly/34eqmGV on Tuesday, adding Australia's fiscal deficits will persist and debt levels will be elevated for years to come.

However, it also said a large economic stimulus will support the country’s economic recovery amid the coronavirus crisis.

Reporting by Kanishka Singh; Editing by Himani Sarkar

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