Moody’s Investors Service has given the Australian economy an upbeat assessment and says the local currency’s rating remains stable.

“Australia’s Aaa ratings are based on the country’s very high economic resiliency, very high government financial strength, and very low susceptibility to event risk,” Moody’s said in a statement on Monday.

The stable currency rating comes even though the Australian dollar has fallen more than 10 US cents in the past two months.

Moody’s acknowledged that the currency’s fall was due to a rally in the US dollar after Federal Reserve chairman Ben Bernanke said the US central bank could soon start to scale back its economic stimulus program.

Australia has avoided a recession in recent years despite the global financial crisis (GFC) hitting its major trading partners hard.

One of reasons for the continued economic growth is the mining and resources boom, driven by exports to China.

Moody’s also said the economy’s diverse nature was one of its strengths.

“As one of the world’s most advanced economies, the country has not only a significant natural resources sector – including minerals, hydrocarbons, and agriculture – but also well-developed manufacturing and service sectors,” Moody’s said.

“While volatilities in commodity prices and exchange rates affect the economy, the most important risk remains the economy’s reliance on external capital inflows to finance the country’s high level of investment, lately dominated by the resources sector, but including residential construction.”

The ratings agency said the federal government’s strong financial position enabled it to give the economy some help during the GFC.

“Moody’s assesses the government’s financial strength as very high. Among the advanced economies, Australia has one of the lowest general government debt levels, although its debt has risen in the past several years,” Moody’s said.

Australia has not had a recession in almost 22 years, figures from the Australian Bureau of Statistics (ABS) show.

A recession is defined as two quarters of economic contraction.

Treasurer Chris Bowen said the Moody’s assessment reflected the strength of the economy and the government’s fiscal management.

“The Australian economy remains the standout performer of the developed world, with solid growth, low unemployment, contained inflation and strong public finances,” he said in a statement.

Australia is one of only eight countries in the world with a triple-A credit rating, with a stable outlook, from all three major credit ratings agencies.