The stable outlook also reflects our expectation that San Miguel should be able to maintain its dominant domestic position in the alcoholic beverage segment, while benefiting from increased foreign currency earnings from its premium Australian brands.

Institutions from around the world have invested billions of dollars in Pennsylvania's public companies with the expectation that as investors they would be treated fairly. This sort of mid-game rule changing to benefit the home team makes Pennsylvania a dangerous place to invest.

The outlook revision on San Miguel reflects our view that the company is likely to be less aggressive in its future acquisitions, thereby reducing the likelihood of further deterioration in its financial risk profile.

I think there was an expectation created more by Government than anyone that media reform was on the agenda and would be dealt with.

You're spending taxpayer dollars, so a reasonable degree of transparency is required. But if someone has an expectation that you would have the same efficiencies as in a private sector supply chain, that's probably not going to happen, because private sector doesn't have to worry about transparency. When it's taxpayer money, additional steps are required.

If it's the expectation, why punish them?