The South Australian State Government has welcomed the decision by rating agency Standard & Poor to maintain the state’s AAA credit rating.


While Treasurer Jack Snelling welcomed the announcement, he reiterated the state’s need for tough savings measures.


Mr Snelling said the Standard & Poor’s assessment reflected the tough economic conditions in front of South Australia and why it was so important that the Government continues an approach of fiscal discipline.


“South Australia’s outlook has been revised from stable to negative but also states that a return to stable is possible if the government reaches its savings targets,” Mr Snelling said.


“Importantly we have kept our AAA rating but it does re-iterate how important those savings targets are and how little capacity there currently is for new spending.”