ASX dips; S&P moves Australia to stable Save Share S&P revises Australia outlook to stable, affirms ratings Phillip Coorey Australia has bucked the global trend and had its credit rating taken off negative watch in response to what agency S&P says was the government’s swift and decisive repose to the coronavirus pandemic. In a statement that has buoyed the Morison government, S&P revised its long-term rating for Australia from negative to stable. “At the same time, we affirmed our AAA long-term and ‘A-1+’ short-term unsolicited sovereign credit ratings on Australia,” it said in a statement issued Monday.