NSW Treasury Corp was also active offshore, raising £250 million in the sterling market for 30 years. But in a move that will make bond issuance much more expensive for Queensland, and further erode its competitive position relative to government guaranteed banks, Standard & Poor's removed its 'AAA' rating.S&P lowered its long-term credit ratings on Queensland and QTC to 'AA+' with a stable outlook, stating that the significant decline in the state's operating revenue and its commitment to a large capital expenditure program no longer supported a 'AAA' credit rating.