SYDNEY, March 11 (Reuters) - Australia’s coveted ‘AAA’ credit rating is not under immediate threat from a likely technical recession while a widely expected fiscal stimulus package was unlikely to strain the country’s credit worthiness, ratings agency S&P said on Wednesday.
“We believe the ‘AAA’ rating on Australia can weather a temporary economic shock,” the agency said in a statement.
“The country’s strong fiscal position has provided it with some room to maneuver at the current rating.”
S&P forecast Australia’s A$2 trillion ($1.30 trillion) economy would slip into recession in the first half of 2020. ($1=1.5363 Australian dollars) (Reporting by Swati Pandey; Editing by Clarence Fernandez)