Business
NSW credit rating downgraded for first time in three decades – Sydney Morning Herald
S&P Global on Monday reduced NSW’s rating by one notch to AA+, ending the state’s 17-year run with a AAA rating amid fears of a “rising debt burden”.
S&P said NSW was quick to control the spread of coronavirus, averting what could have been a deeper recession, leaving it well-placed to return to an operating surplus in the medium term.
However, the credit ratings agency warned record levels of infrastructure construction in the eastern states left NSW at risk of cost over-runs, skilled labor shortages and project delays.
Capacity constraints mean NSW may struggle to deliver on its budgeted $24 billion-$28 billion of annual capital spending, the…
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