British Columbia’s credit rating was upgraded today by Standard & Poor’s to AAA, putting the province on par with Alberta and the government of Canada which both are rated AAA.
The agency cited strong budgetary performances, strong management culture and improved transparency for planning and reporting in its decision to bump up its rating for B.C. It also noted that B.C.’s net tax-supported debt as a share of gross domestic product will continue to gradually decline, according to a press release from B.C.’s finance minister."Achieving the best possible rating from S&P is excellent news," B.C. Finance Minister Carol Taylor said in the release. "It confirms that our fiscal and economic policies are working and tells potential investors that British Columbia is a great place to invest."
The S&P upgrade brings to seven the number of credit rating upgrades the province has received since November, 2004. Earlier this month, Dominion Bond Rating Service upgraded the province to AA (high). Last October, Moody’s Investor Services upgrades B.C.’s credit rating to Aaa.
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