Standard & Poor's said on Tuesday it has upgraded the long-term local and foreign currency ratings on Australia's State of South Australia to AAA. The AAA rating is the highest rating assigned by Standard & Poors. "The rating upgrade recognises the improvement in government finances to a position of strength," Standard & Poor's credit analyst Brendan Flynn said. Following the privatizations of the late 1990s, financial performance remained in deficit despite the large fall in net debt. However, financial performance has since improved, and the governments finances are in surplus and likely to stay there.