Standard and Poors - BC Gov't retains Triple-A Credit Rating

Editor's Note - This is good news for the BC Government, especially with BC returning to the former taxation regrime (old PST/GST) by March of 2013

From the Province of BC:

Standard & Poor’s Rating Services has confirmed the Province’s AAA credit rating will continue after British Columbians voted to bring back the PST plus GST tax system, Finance Minister Kevin Falcon announced today.

Standard & Poor’s noted the Province has the solid revenue and expenditure flexibility necessary to meet its deficit targets and a moderate tax-supported debt burden.

They added that the challenges facing British Columbia are the need to address the loss in revenue, initial administrative costs of transitioning back to a PST plus GST tax system and the likelihood the Province will be required to repay $1.6 billion in HST transitional funding provided by the federal government.

Minister of Finance Kevin Falcon goes on to say —

“I am very pleased Standard & Poor’s has confirmed our AAA credit rating. I believe this is a reflection of the fiscally conservative approach we have taken over the past decade.

“During this time of global economic uncertainty, our credit rating is more important than ever and we will continue to manage taxpayer dollars responsibly while we focus on strengthening our economy and creating jobs.”