FITCH RATINGS SAYS OUTLOOK FOR AUSTRALIA STABLE.

SYDNEY, Oct 2 Asia Pulse - Fitch Ratings agency has affirmed its ratings for Australia and says its outlook is stable.

In a statement released tonight, the global ratings agency affirmed Australia's foreign and local currency issuer default ratings at AA-plus and AAA, both with stable outlooks.

The short-term foreign currency rating is affirmed at F1-plus and the country ceiling is affirmed at AAA.

London-based Fitch Sovereign team senior director Paul Rawkins said sound public finances, a strong banking system and a proven track record of navigating the economy through adverse shocks underpin Australia's sovereign ratings.

"Fears that this track record would fall victim to a faltering property boom at end-2003 have been mitigated by soaring demand for Australia's mineral exports," he said.

"Once again, Australia has not disappointed those who would characterise it as a `lucky ...