The government of B.C. issued the following statement from Shirley Bond, Minister of Justice and Attorney General and vice-chair of Treasury Board, responding on behalf of the Finance Minister:

"Today's decision by Moody's recognizes the growing uncertainty of the global economy and the importance of fiscal prudence in uncertain economic times.

"It serves as a warning sign to us, and to all economies, to control spending and balance the budget. This kind of scrutiny from investors and bond rating agencies reminds us not to become complacent because economic risk remains.

"This serves to strengthen our government's resolve to control spending and balance our budget next fiscal year - one of just two provinces on track to do this.

"No question, tough choices will be required, but we have the discipline to make them and the ability to do it in a balanced way that preserves funding for health care, education and critical infrastructure.

"It's important to note that Moody's is not adjusting B.C.'s triple-A credit rating, but changing the outlook. B.C. remains one of only two provinces in Canada with a triple-A credit rating with Moody's - the highest rating possible.

"We cannot forget that a major cause of the global economic downturn is economic jurisdictions that overspent. B.C. has worked very hard to exercise fiscal discipline, with a record to back it up. In fact, our government has had seven consecutive credit upgrades from the major credit rating agencies since 2004. We will not spend more than we take in because of the burden it creates for our children and grandchildren."

Media Contact:

Jamie Edwardson
Communications Director
Ministry of Finance
250 356-2821