Standard & Poor's (S&P) has no intention of revising the AAA rating on the state of New South Wales (NSW) it reaffirmed on March 28, despite claims a day later by the incoming government of a A$4.5 billion (US$4.6 billion) "black hole" in state finances. The rating agency says most of the purported state financial weakening comprises either expected falls in revenue it was already aware of or projections beyond the forward estimates period that may never be realised.