US ratings agency out with a report on the Australian state 26 Sept

  • neg outlook reflects that the sovereign rating faces at a least 1 in 3 chance of a downgrade in the next 12-24 months
  • NSW ratings reflects view of the state's predictable and supportive institutional framework, its very strong fin management and economy and exceptional liiquidity
  • views deterioration in NSW's own credit metric as unlikely over next two years but could also lead to a downgrade of the state

AUDUSD down a tad to 0.7614 on the less than positive sovereign ratings outlook.