Fitch Ratings has upgraded Australia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'AAA' from 'AA+'. At the same time, Australia's Long-Term Local-Currency IDR has been affirmed at 'AAA'. The Outlooks are Stable. The Country Ceiling has also been affirmed at 'AAA', and the Short-Term Foreign-Currency IDR at 'F1+'. "Australia's 'AAA' Foreign-Currency IDR reflects its fundamental credit strengths, including its high value-added economy, strong political, civil and social institutions and its flexible policy framework," said Art Woo, Director in Fitch's Asia Sovereign Ratings group. "The combination of ... (full story)