TWO UP – TRIPLE-A CREDIT RATINGS FOR NSW

Global ratings agency Moody’s has reaffirmed New South Wales’ triple-A credit rating, just days after Fitch also awarded the State the same top tier rating.

Premier Dominic Perrottet said the Moody’s triple-A rating highlights the resilience of the NSW economy, which is being bolstered by businesses reopening after the extended three-month lockdown due to the Delta outbreak.

“The triple-A ratings reaffirm the economic strength of NSW which has remained resilient despite a myriad of challenges over the past two years,” Mr Perrottet said.

“NSW is the only state in Australia with a Moody’s triple-A credit rating which we have retained despite allocating about $45 billion to support people and businesses and to bolster the health system to combat COVID-19.”

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Treasurer Matt Kean said the two triple-A ratings recognise the NSW Government’s strong economic management during COVID-19.

“The NSW Government has been assigned two triple-A credit ratings despite the impacts from the COVID-19 pandemic. This has been due to our diverse, resilient and flexible economy, and world-leading response to COVID-19.” Mr Kean said.

“The latest Moody’s rating highlights the State’s ability to manage our record $108.5 billion infrastructure pipeline as we continue to invest in our economy, transport, health, education and innovative technologies.”

The Moody’s report said the triple-A rating reflects the State’s “proven history of fiscal resolve”, which is highlighted by NSW’s “debt retirement strategy following the recently completed WestConnex transaction.”

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NSW has two triple-A credit ratings (Moody’s and Fitch) and one double-A plus credit rating (S&P Global).