September 26, 2019
Province’s Credit Rating Confirmed Once Again by S&P and DBRS
The Honourable Tom Osborne, Minister of Finance and President of Treasury Board, today announced that S&P and DBRS have once again confirmed the provincial government’s credit ratings.
S&P has maintained a stable outlook (long-term ‘A’ and short-term ‘A-1’) for the province. The stable outlook reflects S & P’s expectations that, within the next two years, the government's persistent fiscal efforts will further lower operating and after-capital deficits.
DBRS Limited (DBRS) has also confirmed the Province’s rating as stable (A (low), as well as its Long-Term Debt and Short-Term Debt ratings at A (low) and R-1 (low), respectively and that all trends remain stable. DBRS noted that while the fiscal and economic outlook remain challenging for the province, government’s efforts have significantly reduced annual budget deficits and slowed the pace of debt growth.
With this morning’s announcement by DBRS, two of the three rating agencies have confirmed and maintained the provincial government’s credit ratings.
“We are pleased that S&P and DBRS recognize that our plan is a solid one. Our focus remains on stability and a disciplined approach to fiscal management that is keeping us on track. There is still work ahead, but we will continue to put in place a balanced approach that recognizes the realities of our fiscal situation, while also recognizing that as a government we need to deliver important services to the people of this province.”
Honourable Tom Osborne
Minister of Finance and President of Treasury Board
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2019 09 26 3:40 p.m.