Fitch upgrades Australia`s credit rating

29.11.2011 [16:09]
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Baku, November 29 (AZERTAC).US credit ratings agency Fitch has upgraded Australia`s key credit rating to AAA from AA+.

It is one of just 15 countries to hold the rating.

The long-term foreign-currency issuer default rating shows Australia`s ability to repay foreign debt and is used to compare between different countries.

Fitch also says its outlook for Australia was "stable".

The profile reflects Australia`s fundamental credit strengths including its "high value-added economy" and "flexible policy framework", said Fitch Asia Sovereign ratings group director Art Woo.

"The combination of low public debt, a freely floating exchange rate, a credible inflation target framework, and liberal trade and labor markets provides Australian authorities the flexibility to run strong counter-cyclical fiscal and monetary policies during both economic downturns and upturns," Mr. Woo said.

Fitch says achieving a budget surplus and improving net financial worth would bolster the outlook for Australia`s credit rating.

Fitch upgrades Australia`s credit rating

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