WESTERN Australia has lost its AAA credit rating, with Standard & Poor's downgrading the once-boom state.
WA's long-term issuer credit rating is now AA+, but its short-term issuer credit rating of A-1+ has been affirmed.
Standard & Poor's said the lowering of the long-term rating reflected its view that while the state government's Fiscal Action Plan announced in the August budget "improves the state's path", there was "likely to be slippage, reflecting our view of limited political will".
That limited will had been shown by the early revision of some budget revenue and expenditure measures, the ratings agency said.
On Tuesday, the state government watered down a plan to charge $4000 per year for students of 457 visa holders, saying the budget-boosting measure would bring in less than half of the $120 million that it originally anticipated over four years.
It was the second backflip by the WA government since the August budget, following the reversal of plans to halve the tariff rate for households that feed in surplus solar power to the grid, which was projected to claw back $51 million.
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