From a member of S&P, Mr Curry:
It is hard to put a timing on it, but we would expect that over the cycle of the Government [it] would be recording operating surpluses within, I guess, the next three to five years.
So that is the requirement to avoid a downgrade.
From the government:
Asked if surpluses could be achieved in five years, Key it might take longer.
Hmmmm. Thursday will be very very interesting.
(ht Nigel Pinkerton for the pointer to these quotes)