September 17, 2013 - 4:41 PM
VICTORIA - Moody's Investors Service has reconfirmed British Columbia's Aaa credit rating, noting the Province's reputation for prudent fiscal management, Finance Minister Michael de Jong announced today.
Moody's notes: "British Columbia's Aaa... ratings are supported by the Province's strong fiscal flexibility and track record of prudent financial management."
The report also says: "strong fiscal management and performance in recent years enabled British Columbia to reduce its debt burden to a level that is below the median of Canadian provinces, supporting an even higher degree of fiscal flexibility than most other provinces."
The Moody's assessment of B.C.'s debt concludes that the amount remains manageable, given the Province's credit strengths and high debt affordability in the current low interest-rate environment. British Columbia's large and diversified economy is another source of credit strength that supports the Aaa rating.
British Columbia continues to maintain the highest credit rating possible. Standard & Poor's affirmed its AAA rating in April following Budget 2013. Dominion Bond Rating Service affirmed the Province at a rating of AA (high) at the same time. Moody's applied a negative outlook to B.C.'s rating in 2012, prompted by a recognition of a softening of B.C.'s economic outlook on top of the established risks of the global economic outlook.
Moody's Aaa rating confirmation follows the first quarterly report, issued Sept. 10, 2013, which confirmed that B.C. is on track to balance the 2013-14 budget.
Since November of 2004, the Province has received seven credit rating upgrades.
News from © iNFOnews, 2013