Dominion Bond Rating Service (DBRS) has reconfirmed the Province of British Columbia's AA (high) credit rating, noting the government's fiscal discipline and relatively low and affordable debt burden, Finance Minister Michael de Jong announced today.
The DBRS report notes: "The Province employs the use of conservative assumptions and modest contingencies in its budgets, which has helped to establish a track record of prudent fiscal management."
The report also says: "British Columbia residents and businesses benefit from one of the most competitive tax systems in Canada," and, "British Columbia's fiscal recovery plan introduced in the fall of 2009 remains on track, with a return to balance on the Province's accounting basis forecast by year-end 2013-14."
British Columbia continues to maintain the highest credit rating possible with Moody's and Standard and Poor's. Moody's confirmed B.C.'s Aaa credit rating in September. Standard & Poor's affirmed its AAA rating in April following Budget 2013.
DBRS's AA (high) rating confirmation follows the reintroduction of Budget 2013 in June, and B.C.'s First Quarterly Report in September.
Since November 2004, the Province has received seven credit rating upgrades.
Finance Minister Michael de Jong -
"This is not just confirmation of B.C.'s top rating among the provinces, but affirmation of the balanced approach we have taken over the past years. DBRS recognizes our fiscal discipline and relatively low and affordable debt. They also recognize that our fiscal recovery plan is on track and that our tax system is among the most competitive in Canada."
Ministry of Finance