July 17, 2017

Province’s Credit Rating Confirmed

The Honourable Cathy Bennett, Minister of Finance and President of Treasury Board, today announced that S&P has 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.

S & P’s report indicates that Newfoundland and Labrador has a stable outlook and reflects the expectations that the Provincial Government will continue to implement its fiscal management in relation to revenue and expenditure measures, which will improve budgetary results and a deceleration of debt growth.

In addition, the ratings confirmation from DBRS’s assessment reflects that the province is making considerable progress to reduce budgetary deficits and to slow debt growth, both of which are sufficient to maintain financial metrics within an acceptable range for the current ratings.

“We are pleased that S&P has confirmed our credit ratings and revised our outlook from negative to stable, and that DBRS has also confirmed our ratings. These results confirm that our fiscal plan is on the right track, however, we know there is much more work to be done to reduce expenditures. As a government, we remain focused on our fiscal plan and to return to surplus in 2022-23. We recognize the challenges that remain and will continue to take the actions necessary to meet our financial targets.”
The Honourable Cathy Bennett
Minister of Finance and President of Treasury Board

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DBRS Confirms Province of Newfoundland and Labrador at A (low), Stable Trend - external link

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Media contact
Debbie Marnell
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2017 07 17                              1:45 p.m.