S&P revises Australia outlook to stable from negative on 'swift economic recovery'

[BENGALURU] S&P Global Ratings said on Monday that it had revised the outlook on its long-term ratings on Australia to stable from negative citing the country's "swift economic recovery" from the effects of the Covid-19 pandemic.

"At the same time, we affirmed our 'AAA' long-term and'A-1+' short-term unsolicited sovereign credit ratings on Australia," S&P said in a statement.

The Australian government's "swift" and "decisive" fiscal and health response to contain the pandemic and limit long-term economic scarring has seen the economy recover quicker and stronger than previously expected by S&P, it said on Monday.

REUTERS