Global ratings agency Fitch has reaffirmed NSW’s triple-A credit rating with a stable outlook, the latest vote of confidence in the State’s financial management.

NSW is the only state in Australia with two triple-A credit ratings, with Moody’s also assigning a triple-A rating in September. Last month, S&P Global maintained the State’s double-A plus rating with a stable outlook.

Treasurer Matt Kean, who will this week meet with Moody’s in London to discuss the economic outlook and Environmental, Social and Governance (ESG) risk factors, said the result was proof of the State’s strong fiscal management.

“New South Wales remains the only state in Australia with a Moody’s and Fitch triple-A credit rating,” Mr Kean said.

“The State’s strong financial management has supported our credit rating and enabled the Government to continue to deliver on its record $112.7 billion infrastructure program.  NSW remains on track to return to surplus in 2024-25.”


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The State’s net debt is projected to stabilise at about 14 per cent of Gross State Product by June 2026, compared with a projected 26.5 per cent for Victoria at 30 June 2026.

Mr Kean, in his meeting with Moody’s, will discuss the direction of fiscal policy post-COVID and the most pressing credit risks for NSW.