NSW’s AAA Credit Rating Downgraded But Fiscal Strength Deemed Positive

New South Wales Treasurer Dominic Perrottet addresses the media during a press conference at NSW Parliament House on March 17, 2020 in Sydney, Australia. Mark Metcalfe/Getty Images

Australian’s largest state in the economy, New South Wales, has lost its AAA credit rating for the first time in 17 years amid concerns over a sharp spike in debt in the coming years.

It came just one week after Moody’s reaffirmed the state’s AAA rating, and days after Victoria was downgraded as well.