New South Wales and Victoria are at risk of losing their top credit ratings because both state governments are on track to breach debt levels, according to an analysis of probable ratings by Standard & Poor's. "There are material probabilities of rating actions for Victoria, New South Wales, Queensland, and South Australia," wrote RBC Capital Markets economist Michael Turner. "As of their most recent forecasts, both Victoria and New South Wales will breach key levels on fiscal metrics by 2013–14." New South Wales and Victoria are rated AAA by credit ratings agency S&P's, with similarly top ratings from rivals Moody's and Fitch. The AAA rating typically gives the states the ability to borrower on global markets at cheaper rates than those on lower ratings elsewhere. Australia's top credit rating with the three agencies is not at risk, Mr Turner said.