Ratings agencies have reacted to Queensland’s loss in the first State of Origin match by downgrading the state’s credit rating from AA to AA-.
Standard & Poor’s said that the downgrade was necessary in light of worrying trends in the state’s performance.
“After seven strong years, the forecast for Queensland in the short to medium term is poor. In particular, Queensland’s ageing asset base and reliance on imports such as Greg Inglis make it extremely vulnerable to aggressive competition from interstate.”
“We wouldn’t invest money on the Maroons at the moment, even if Tom Waterhouse told us to.”
Fellow credit agency Moody’s followed suit, predicting a significant reduction in Queensland’s silverware deposits during 2013/2014.
Premier Campbell Newman said that the downgrading of the Queensland credit rating had nothing to do with his LNP government.
Instead Mr Newman blamed the downgrade on previous Labor extravagance and on the credit agencies’ decision to downgrade the state’s credit rating.