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

[SYDNEY] 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 (S$1.81 trillion) economy would slip into recession in the first half of 2020.

REUTERS