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NSW, Vic stripped of AAA credit rating due to severe COVID-19 economic shock – NEWS.com.au
NSW, Vic stripped of AAA credit rating due to severe COVID-19 economic shock
Victoria and NSW have both lost their prized AAA credit ratings, reflecting the severe economic and fiscal blow dealt by the COVID-19 pandemic.S&P Global Ratings on Monday lowered Victoria’s rating to AA and NSW’s to AA+.
“Unlike other Australian states, Victoria experienced a ‘second wave’ of coronavirus infections and is suffering a longer and more severe hit to the economy and government finances as a result,” the ratings agency said.
“The COVID-19 pandemic is weighing heavily on Victoria’s finances.
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