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S&P cuts Oz rating to negative from stable after wobbly vote result
STANDARD & POOR's Global Ratings lowered the outlook on Australia's AAA credit rating to negative from stable after the unclear outcome from the weekend's federal election dented the government's prospects for reining in a budget deficit.
"The negative outlook on Australia reflects our view that without the implementation of more forceful fiscal policy decisions, material government budget deficits may persist for several years with little improvement," S&P said in the statement.
"Ongoing budget deficits may become incompatible with Australia's high level of external indebtedness and therefore inconsistent with a AAA rating," said the assessment.
"The negative outlook on Australia reflects our view that without the implementation of more forceful fiscal policy decisions, material government budget deficits may persist for several years with little improvement," S&P said in the statement.
"Ongoing budget deficits may become incompatible with Australia's high level of external indebtedness and therefore inconsistent with a AAA rating," said the assessment.
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