August 23, 2018

DBRS Confirms Newfoundland and Labrador’s Stable Credit Rating

The Honourable Tom Osborne, Minister of Finance and President of Treasury Board, today welcomed DBRS Limited’s decision to keep the Provincial Government’s credit rating stable. The stable credit rating follows S&P and Moody’s decision in July to maintain the Provincial Government’s credit rating.

Minister Osborne is again highlighting that the Provincial Government is continuing to identify efficiencies while continuing to provide programs and services for the people of the province.

DBRS has confirmed the Issuer rating of the province at A (low), as well as its Long-Term Debt and Short-Term Debt ratings at A (low) and R-1 (low), respectively. The outlook is that all trends remain stable. DBRS has also confirmed that while fiscal and economic conditions remain challenging for the province, fiscal recovery remains on track which is helping to contain debt and has contributed to an improvement in the province’s financial risk.

DBRS has recognized that the province continues to make slow-but-steady progress toward its target of balancing its books by fiscal year 2022-23, and recognized the province’s efforts with public sector negotiations.

“We are pleased that DBRS, like S&P and Moody’s in July, recognize that our plan is a solid one. Our focus remains on stability and discipline when it comes to fiscal management. Our fair, responsible and methodical approach will keep us on track to return to surplus by 2022-23. We are committed to achieving our fiscal targets, while also finding ways to invest in communities and the services that the people of the province rely on.”
Honourable Tom Osborne
Minister of Finance and President of Treasury Board

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Chrysta Collins
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2018 08 23                              7:15 p.m.