On Thursday Moody's affirmed..............>

AUSTRALIA: On Thursday Moody's affirmed Australia's Aaa credit rating;

maintained stable outlook.

- The factors supporting the rating affirmation include:

- 1. Robust and stable GDP growth and strong growth potential relative to peers,

denoting very high resilience to economic shocks.

- 2. A moderate, albeit modestly rising, general government debt burden.

- 3. Strong institutions that preserve macroeconomic and financial stability,

although fragmentation in political representation is a hurdle to more effective

fiscal consolidation.

- The stable outlook on Australia's rating reflects Moody's expectation that,

even in the event of shocks, possibly in the housing market and/or to the

economy's access to external financing, the resilience of the economy supported

by countercyclical macroeconomic policy would allow Australia's credit metrics

to remain consistent with a Aaa rating.