S&P affirms Province’s ‘AAA’ rating, diverse economy
Standard and Poor’s (S&P) Global Ratings has affirmed British Columbia’s ‘AAA’ long-term rating, reflecting the province’s stable economic outlook and government’s responsible fiscal management.
“Today’s update from S&P Global Ratings shows that our plan to invest in people while balancing the budget is not only possible, but also fundamental to building a strong and sustainable economy,” said Carole James, Minister of Finance. “We have sustained responsible budget management and invested in our most valuable resource — the people who power our province.”
B.C.’s high credit rating means that the Province has lower debt-servicing costs, allowing for more money to go toward investments that improve services and affordability for British Columbians.
In its report, S&P states, “continued fiscal resolve, a wealthy economy, and ample liquidity remain the hallmarks of B.C.’s creditworthiness,” and that “B.C.’s financial management practices remain very strong. The government continues to embed prudence in its fiscal plan, maintaining a balanced budget.”
The report reinforces the importance of B.C.’s diverse economy and notes that along with an expectation of operating surpluses, the government has “an ambitious capital plan focused on investment in productive assets, such as transportation infrastructure, health facilities, and school replacement programs.”
Looking across Canada, S&P writes, “The province’s economy is also a perennial outperformer domestically, with prospects that are better than those of most peers.”
British Columbia is the only province rated triple-A with all three international credit rating agencies: Moody’s, S&P and Fitch.
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