S&P rains on Victoria's economic parade
The Victorian Premier, Daniel Andrews may have been buoyed by a Deloitte Access Economics forecast that would see the state’s economy growing by 5.3% this year, by international ratings house Standard and Poor’s seems not so sure and has delivered the Treasury Corporation of Victoria (TCV) a ratings downgrade.
The TCV announced to the Australian Securities Exchange (ASX) yesterday that S&P Global Ratings had lowered its credit rating on TCV to AA/A-1+ from AAA/A-1+ after lowering its issuer credit ratings on the Australian State of Victoria to AA/Stable/A-1+ from AAA/Watch Neg/A-1+ on the same day.
This has occurred despite a Deloitte Access Economics quarterly business outlook, released on yesterday forecasting the Victorian economy will grow 5.3% in 2021, outpacing Queensland (4.6%) and NSW (4.4%).
“Victoria’s recovery to date has been remarkable. Few at the height of the second wave could have envisaged Victoria would begin 2021 in such a favourable position,” the Deloitte Access Economics report said.
Referencing the Access Economics report, Andrews said every Victorian should feel confident in the state’s economic recovery.
“2021 is going to be a very different year than 2020,” he said.
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