Moody’s Investors Service has reaffirmed British Columbia’s AAA credit rating and upgraded the Province’s outlook to stable, with the agency saying it reflects the strong fiscal position of the province, Premier Christy Clark announced today.

"British Columbia is a leader in controlling spending, attracting investment, and diversifying markets for our goods. Moody's upgrading B.C.'s credit rating outlook to AAA stable - the highest possible - is further validation of the hard work British Columbians have done to build a growing, diverse economy," said Premier Christy Clark.

The agency highlights B.C.’s forecast of continued balanced budgets and says stabilizing the Province’s debt burden is achievable.

Moody’s said, “The stable outlook on the Province of British Columbia’s ratings reflects our opinion that the province has presented a credible plan of consistent balanced budgets with little risk that the debt burden will exceed current forecasts.”

“British Columbians can be justifiably proud that, as a result of hard work and discipline, international agencies continue to assign their very highest marks and recognize our province’s credit worthiness and good fiscal management,” Finance Minister Michael de Jong said.

The agency explains the AAA rating demonstrates B.C.’s high debt affordability, strong fiscal management and fiscal flexibility.

British Columbia’s proven track record of fiscal prudence and meeting fiscal targets over the past 10 years, and the province’s large and diverse economy are praised by Moody’s as contributing to B.C.’s credit strength.

Moody’s applied a negative outlook to B.C.’s rating in December 2012, recognizing a softening economic outlook and weaker commodity prices, and increasing debt burden. Moody’s reaffirmed B.C.’s AAA credit rating in May 2014. Triple-A is the highest-possible rating from Moody’s. Currently, B.C., Alberta and Saskatchewan are the only provinces rated triple-A with Moody’s.

Since November 2004, the Province has received seven credit rating upgrades. British Columbia continues to maintain the highest credit rating possible with Moody’s, Standard and Poor’s and Fitch. Standard & Poor's most recently affirmed its AAA rating in May 2014 following Budget 2014. The Dominion Bond Rating Service affirmed B.C.’s AA (high) credit rating in April 2014 and Fitch affirmed the Province’s AAA rating in April 2014.

Learn More:

Moody’s Investors Service release:
https://www.moodys.com/research/Moodys-Revises-British-Columbias-Outlook-to-Stable-from-Negative-Affirms--PR_321233

Media Contacts:

Jamie Edwardson
Communications Director
Ministry of Finance
250 356-2821