SYDNEY, Sept 26 (Reuters) - S&P Global Ratings on Monday affirmed the triple A rating of the Australian state of New South Wales and kept it on negative outlook, reflecting its negative outlook on the federal government.
S&P said the ratings reflected its view of the state's extremely predictable and supportive institutional framework; its very strong financial management and economy and its exceptional liquidity.
"The negative outlook on NSW reflects that on the sovereign, the Commonwealth of Australia," the agency said "A deterioration in NSW's own credit metrics, which we view as unlikely over the next two years, could also lead to a downgrade of the state."