'Very weak': Labor warned over Victoria's credit status

Victoria could lose its prized AAA credit rating within 12 months, one of the global ratings agencies has warned, after the response to the COVID-19 pandemic left the state in “very weak fiscal position”.

S&P issued a more detailed warning on Monday that the state's looming large budget deficits and big debts as it struggled to recover from the coronavirus crisis could put its strong credit position at risk.Reuters With the Victorian government prepared to borrow up to $24 billion for its COVID-19 response, on top of large debt-raising to fund its ambitious infrastructure build, a loss of the AAA rating would be a financial as well a political blow.

“We expect the state's budgetary performance and debt burden will weaken during the next few years, before improving in fiscal year 2022,” the analysts wrote.

Does anyone take this with any degree of seriousness? Another smear campaign run by billionaire tax dodging elites.

Would that be American’s revenge for signing lucrative deals with Chine?

Here we go again, Dan will just borrow more from his Chinese financiers!! Labour always has great ideas on how to spend other people’s money.

So much BULLSHIT from the Age since a ex Herald Scum reporter was put incharge of it. springst

Loss of Victorian triple A credit rating - DanielAndrewsMP & timpallas record of incompetence & uncontrolled spending. taxpayers will likely be slugged for their failures. A very bad report card for Vic Labor springst

No surprises here. laborfail auspol springst

The ratings agencies which were so clueless about the approach of the GFC? Ooer!

And you weak pricks at the Age have given the Andrews regime carte Blanche to do whatever they like. The Age Spencer St Socialists in cahoots with the Andrews regime

It's like Joan Kirner all over again I'm afraid.

Another lame attempt to attack Daniel Andrews. Shame on you, The Age. These are not the 70s anymore. These terror campaigns are not as effective they used to be back then.

Thank dog ppl who read this shit & believe it aren't from Vic & don't vote for Vic 😂

Wow! You people just keep throwing the mud that just won’t stick. Pathetic! THE PEOPLE OVERWHELMINGLY SUPPORT DanielAndrewsMP DEAL WITH IT!

the Age - once a proud investigative newspaper falls to less than tabloid status. Hope it does a slow death of 1000 cuts

No shit Sherlock. Bleeding obvious.

I'll take lives saved over economic waffle thanks very much. Our economy will recover quickly because we put in the hard yards early.

Name a State that is not in debt post pandemic? I’m waiting...

but the whole country has been downgraded to AAA rating.. with a negative watch

Here we go, the voice of doom, they'll all come crawling out of the woodwork. We will recover, this isn't the first time we've had to face massive issues and we have prevailed. If we all adopt a negative attitude, that's when things will go bad.

01_The Destruction of Jerusalem - Great Controversy (1911) Ellen G. White

01_The Destruction of Jerusalem - Great Controversy (1911) Ellen G. White

01_The Destruction of Jerusalem - Great Controversy (1911) Ellen G. White

it is a thread and punish by our “friend” USA！

Just thinking... as the WHOLE WORLD IS IN A VERY SIMILAR BOAT would ratings not apply to everywhere? The pandemic will savage all. It's how you use those funds to improve our recovery.

Andrews can borrow from his communist mates China. Maybe even sell China half the state.

The Liberals must be feeling very insecure they really do have an inferiority complex.

Big f'ing deal! Standard & Poors was one of those geniuses that gave its seal of approval to all those rotten US finance companies and banks that melted down and took most of the world with them during the GFC

Fiscal position was weak before COVID ...

Rubbish! Dan must be scaring the bejeezus out of you.

Isolationist reporting. Most large populations and nations would be left that way after such a crisis.

The whole of Australia can lose its AAA rating, not only Victoria.

Given where treasury rates are sitting right now and the demand for new issues does it matter?

Twitter headline summaries are the worst - buried in the article, there’s a huge but - “S&P said it expected Victoria to recover economically as the COVID-19 restrictions were lifted and that the state’s long-term strength as a wealthy and stable economy would endure.”

It was already a basket case beforehand.

Join the rest of the world

...And Australia's and NSW's and probably most states and countries around the world. It would be a mistake to prioritise credit ratings over the recovery effort

I also would like to know how Victoria is separate from the Federal government decisions since they hold many of the purse strings and have failed to provide adequate protections or stimulus.

Most countries will lose their credit rating. The real economy and the health of the people are what matter. If the LNP had their way we would have had a health crisis and economic chaos.

protect_the_CFA Who cares 🤷‍♂️

Have no fear, the CCP will save us. All aboard the Belt and Road

Propagandist rubbish.

Did you go on the say that the Liberals will fix it ? You know the Liberals . They’re also in power federally and the treasurer , who also happens to be Victorian, just presided over the biggest accounting blunder in our history . Let us know when you’ll be resorting to comedy

yes, we should have gone with the herd immunity option... give me a break.

Garbage.

Tell me something.... Is Peter Costello a sub-editor as well as Chairman?

Running along with the anti Dan campaign ? And on it goes

And....what about the other states? The federal? This focus on Victoris is nasty. Victoria looks after its people. It can recover from an economic re-evaluation - it cannot restore life to thousands of people.

China have put up the interest rates on the Belt and Road borrowing.

I would love to see the list of entities with AAA credit ratings after this virus is finished. Having a AAA credit rating is no good if you have 50% unemployment.

Billion$ and Billion$ over budget on Transport blowout$ looked the cause. $4.2 Billion cutbacks to Public service last year was just the start. Virus.......lol.

noeltowell ‘S&P said it expected Victoria to recover economically as the COVID-19 restrictions were lifted and that the state’s long-term strength as a wealthy and stable economy would endure.’ Headline grabbing ..a bit of a nothing really. Andrews bashing seems to be in vogue

DictatorDan CedarAndrews

Does that mean our rating might drop to the 4th most liveable city in the world? ............... Oh nooooooooo!!!

Seems like that would be the case everywhere.

oh no anything but... the rating it means so much to me

Negative outlook for the LNP federal treasury too. Are you even going to pretend to be balanced any more?

Here it comes Chairman DanielAndrewsMP, well done. 👏 The cure is worse than the disease... 🤦‍♂️

Disappointing and predictable given that Victoria’s economy has relied too much and too long on extreme immigration-fueled population increases to drive growth. This was always unsustainable and has delivered falling living standards for all but the state’s wealthiest residents.

Just another way to galvanisethevpopulation against a state that has managed the crisi well. I wonder if 60 billion blunder ever weighs in.

Bullshit it’s under Pallas which has taken hold of number one state in the country

More bullshit from Nine, the subscription isn't worth this kind of bullshit.

That is pretty much universal to every country and every state/province etc.

We hear this every few years. Believe it when I see it

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