NSW has maintained its AAA credit rating with international ratings agency Moody's. The NSW government used the desire to retain the AAA rating with Moody's and Standard & Poor's as the rationale behind decisions taken in its unpopular mini-budget on November 11 last year. Standard & Poor's placed the state on a negative outlook after the state government's electricity privatisation plan failed to pass the NSW parliament last year. NSW Treasurer Eric Roozendaal said Thursday's affirmation of the AAA rating by Moody's was recognition of NSW's "strong governance and management". "This independent report endorses the underlying strength of the NSW government's balance sheet, which is important during these tough economic times," Mr Roozendaal said in a statement.