There is no risk of Australia being stripped of its coveted triple-A credit rating, Treasurer Joe Hockey said on Friday, slapping down speculation the country might be downgraded for the first time in 26 years.
In an interview with Reuters, Hockey said he was confident the economy would extend a run of annual growth that dates back to 1991, and was dismissive of talk that the sovereign debt rating was in danger.
“There is no suggestion of a risk. None. None. We’re not even on negative credit watch,” said Hockey. “I don’t see off-the-cuff commentary from one investment bank as any reliable indicator of where our credit rating is heading.”
Investment bank Goldman Sachs this week warned the rating could come under threat within months because of a change to the way Standard & Poor’s assessed sovereign risk, combined with the outlook for years of budget deficits.