The Australian Capital Territory has retained its high credit rating of AAA/A-1+, following an endorsement from the international credit rating agency Standard and Poor’s (S&P).
Treasurer Andrew Barr (pictured) said the Territory’s AAA/A-1+, was the highest awarded by S&P.
“The ACT is now the only Australian State or Territory and the only sub-national Government in the Asia Pacific with a AAA rating,” Mr Barr said.
He said the Government had stared down a big economic threat from COVID-19, and the approach it took to invest in the community and protect local jobs had been a success.
“We injected much needed support into our economy to stimulate spending,” the Chief Minister said.
He said the work wasn’t over and the Territory remained committed to supporting the growth of its economy over the coming decade, including an infrastructure pipeline expected to create local jobs in the years ahead.
Mr Barr said the ACT was also on track to reach its 250,000 local jobs target by 2025.
In S&P said the ACT local economy was recovering strongly from a COVID-19-induced downturn in 2020.
“Our rating on ACT reflects its robust financial management; very high-income economy, which relies on the public sector and is outperforming most peers; and exceptional level of liquidity,” S&P said.
