Standard and Poor’s has affirmed B.C.’s AAA credit rating and stable outlook, praising the province’s strong economy, budgetary performance and fiscal performance, Minister of Finance Michael de Jong announced.
The agency says B.C.’s AAA rating reflects “the province’s very strong financial management, exceptional liquidity, [and] very strong and wealthy economy.” The agency asserts, “We find its financial disclosures transparent, comprehensive, and timely. Its financial management practices are the best among the Canadian provinces.”
Standard and Poor’s highlights B.C.’s budgetary performance, noting the province has “very strong budgetary flexibility,” particularly compared to the other provinces. The agency also applauds the province’s “exceptional” liquidity and sound debt management.
B.C. has been rated AAA with Standard and Poor’s since May 2007, when the province was upgraded from AA+.
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. Moody’s most recently affirmed its AAA rating in March following Budget 2015 and revised its outlook from negative to stable. In April 2015, Fitch affirmed the province’s AAA rating and DBRS affirmed B.C.’s AA (high) rating.
Minister of Finance Michael de Jong -
“It is rewarding when credit rating agencies such as Standard and Poor’s recognize the hard work we’ve done in managing our finances, particularly when compared to the rest of Canada. Their affirmation of our AAA credit rating and stable outlook demonstrates confidence in our continued financial performance and disciplined fiscal restraint.”
Ministry of Finance