The Honourable Tom Osborne, Minister of Finance and President of Treasury Board, today acknowledged that S&P and Moody’s have once again confirmed the Provincial Government’s credit rating, and he reiterated that government must continue to reduce deficits while continuing to provide programs and services for the people of the province.

S&P has maintained a stable outlook (long-term ‘A’ and short-term ‘A-1’). S&P’s report indicates that Newfoundland and Labrador continues to make slow-but-steady progress, and reflects the expectations that within the next two years, the government’s persistent fiscal efforts will further lower operating and after-capital deficits and Newfoundland will remain on target to achieve balance in fiscal 2022-23.

Moody’s report affirms the current rating (long-term ‘Aa3’) and maintained a negative outlook, reflecting the Provincial Government’s ongoing commitment to its long-term plan to return to balanced budgets and the progress made so far. The report also indicates that the current negative outlook could be changed to stable if the province continues to successfully follow its budget plan and maintain debt and interest expenses in line with current forecasts.

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“We are pleased that S&P and Moody’s recognize that our plan is a solid one. Our focus as a government is on stability and discipline when it comes to fiscal management, and our fair, responsible and methodical approach will keep us on track to return to surplus by 2022-23. There is still work to be done, but we will stay the course and will continue to find efficiencies while also finding ways to invest in communities and services that the people of the province rely on.”
Honourable Tom Osborne
Minister of Finance and President of Treasury Board

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