BC’s long term Triple A credit rating has been confirmed by Standard and Poor’s Global Ratings.
Finance Minister Carole James says that reflects what she calls the Province’s strong, sustainable fiscal plan and prudent debt management.
James says it shows shows the confidence investors and financial markets have in the NDP’s plan for British Columbians.
S&P says in its report the provincial economy will continue expanding modestly and that, in combination with sound fiscal management, will contribute to strong budgetary outcomes.
The report states that one of B.C.’s core strengths is its robust and diversified economy: “While the uncertainty regarding U.S. fiscal and trade policy remains a meaningful risk for Canadian provinces, B.C.’s more diversified mix of trade partners, particularly in Asia, mitigates the province’s exposure.”
B.C. is the only province rated triple-A with all three international credit rating agencies: Moody’s, S&P and Fitch.
The domestic rating agency Dominion Bond Rating Service confirmed B.C.’s AA (high) credit rating earlier this month.
B.C.’s high credit rating means that the Province has lower debt-servicing costs, allowing for more investments that improve services and affordability for British Columbians.