#WeGoBrokeWithDan | The Spectator Australia

Guess which state or territory has the worst credit rating?  Before answering, let me explain what a credit rating is.

According to Standard and Poors, the people doing the rating assessment:

An S&P Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs).

Basically, it is an assessment of the risk of repaying borrowings.  This is important for Government borrowings which are “unsecured”; in the event of default, the lender does not get the title to parliament house or…