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Australia and Canada have much lower deficit and much larger economies:Yeah most of countries. As far as i know, Australia has the same problem. Even France and Canada have the same problem. Did they reduce their ratings? No... They riced failed Greece's rating up. This is just double standard of double faced western rating agency..
International Monetary Fund, April 2012 World Economic Outlook - Google Public Data Explorer
France was downgraded recently, although it also has lower deficit and much much larger economy:
S&P cuts France