Huge debts built up by propping up millions of unemployed during the coronavirus pandemic has cost two Australian states their top credit ratings2021-04-25T01:08:03.593Z.?
Ratings agency S&P Global took away NSW and Victoria’s coveted AAA credit ratingsPeel Region says it will pos, meaning it is now more expensive for them to borrow money.
Surging government debt and the coronavirus lockdowns prompted the ratings firm to downgrade NSW one notch from AAA to AA+, and to punish Victoria with a double downgrade to AA.
It is the first time since 2003 that Australia’s two largest states have missed out on the AAA rating.