Finance
November 24, 2016

The following statement was given today in the House of Assembly by the Honourable Cathy Bennett, Minister of Finance and President of Treasury Board:

Provincial Government Highlights DBRS Credit Rating

Mr. Speaker, I rise in this Honourable House today to highlight the fact that the Dominion Bond Rating Service (DBRS) confirmed the province’s credit rating at A (low). The rating confirmation is based upon the rating agency’s view that credible action is being taken by this government to address the province’s fiscal situation.

I am encouraged, Mr. Speaker, that DBRS advised us of our rate confirmation in advance of the Muskrat Falls loan guarantee being finalized. DBRS acknowledged our commitment to our fiscal targets established in Budget 2016 and which were reiterated as part of the Fall Fiscal and Economic Update.

Mr. Speaker, DBRS noted the Fall Fiscal and Economic Update demonstrated the fiscal performance was tracking ahead of budget. DBRS listed the province’s strengths as being significant energy resources, a commitment to restoring fiscal discipline and a low reliance on federal transfers.

I would also like to point out, Mr. Speaker, that Moody’s Investors Service also recently provided an update which stated that the province’s 2016-17 fiscal performance, as well as preliminary details on an addition to the federal loan guarantee for Muskrat Falls, were both credit positive for this province.

Mr. Speaker, our government recognizes the challenges that remain and will continue to take the actions necessary to meet our short-term and long-term financial targets. We are very pleased that we have improved our fiscal performance with respect to our budget targets and will continue to practice strong fiscal management on behalf of the people of this province.

Thank you, Mr. Speaker.

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2016 11 24                              1:55 p.m.