Ratings agencies Standard & Poor’s and Moody’s Investors Services have confirmed triple-A credit ratings for B.C., while agency DBRS confirmed a double-A rating for the province.
“These judgments by independent, international experts confirm the very positive response we are receiving in key financial markets in New York, Montreal and Toronto,” said Finance Minister Kevin Falcon.
“By balancing the budget, paying down debt and reducing taxes to benefit individuals and business, we’re diversifying our economy and expanding trade with the Asia-Pacific.”
According to the province, the ratings agencies commended B.C. for:
- significant debt reduction efforts leading up to the 2008-09 recession;
- an on-track fiscal recovery plan and contained debt growth;
- a large and diversified economy; and
- a feasible plan to balance the budget by 2013-14.
“Our strong ratings send a powerful message to investors that we’re a safe harbour and gives confidence in British Columbia’s economy, helping attract new investment and create jobs,” Falcon added.
According to the province, B.C. has earned seven successive credit rating upgrades since November 2004 and has out-performed budget targets in 10 out of 11 years.
