July 28, 2017

Moody’s Investors Service Confirms Province’s Credit Rating

The Honourable Cathy Bennett, Minister of Finance and President of Treasury Board, today announced that Moody’s Investors Service has affirmed the Provincial Government’s credit rating (long-term ‘Aa3’) and maintained a negative outlook.

Moody’s report indicates that Newfoundland and Labrador saw better than anticipated results in fiscal 2016-17 and a re-profiling of financing requirements suggests the province’s debt burden may stabilize over the medium term.

Most recently, S & P affirmed the Provincial Government’s credit ratings (long-term ‘A’ and short-term ‘A-1’) and revised outlook from negative to stable. The Dominion Bond Rating Service (DBRS) has also confirmed the province’s credit ratings (long-term ‘A (low)’) and short-term ‘R-1 (low)’) with a stable outlook.

“While we are pleased that our credit rating with Moody’s has been affirmed, the negative outlook indicates there are more challenges to overcome and further actions to be taken in order to return to surplus in 2022-23. Overall the results of all three credit rating agencies support our current fiscal plan. As a government, we are committed to achieving our fiscal targets and will continue to practice strong fiscal management on behalf of the people of the province.”
The Honourable Cathy Bennett
Minister of Finance and President of Treasury Board

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2017 07 28                              9:55 a.m.