March 11, 2020 / 3:23 AM / a month ago

Australia's 'AAA' rating not under immediate threat from coronavirus -S&P

SYDNEY, March 11 (Reuters) - Australia’s coveted ‘AAA’ credit rating is not under immediate threat from a likely technical recession while a widely expected fiscal stimulus package was unlikely to strain the country’s credit worthiness, ratings agency S&P said on Wednesday.

“We believe the ‘AAA’ rating on Australia can weather a temporary economic shock,” the agency said in a statement.

“The country’s strong fiscal position has provided it with some room to maneuver at the current rating.”

S&P forecast Australia’s A$2 trillion ($1.30 trillion) economy would slip into recession in the first half of 2020. ($1=1.5363 Australian dollars) (Reporting by Swati Pandey; Editing by Clarence Fernandez)

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