Standard & Poor’s (S&P) has affirmed British Columbia’s ‘AAA’ credit rating, citing strong financial management, balanced budgets and a robust and diversified economy.
“This rating signals confidence in our province, our economy and our work to make life better for British Columbians,” said Carole James, Minister of Finance. “As the highest rated province in Canada, our prudent fiscal plan puts people first and builds a strong, stable economy for the future.”
In its report, S&P stated that continuing “fiscal resolve, a wealthy economy, ample liquidity, and material budgetary flexibility remain the hallmarks of B.C.’s credit strength.” The report highlighted B.C.’s strong employment and exports, superior financial management and balanced budgets.
The economic outlook for the province remains positive, and S&P expects B.C. to continue to experience stable growth over the next two years. B.C. stands out as the highest-rated province in Canada, due to its strong balance sheet and the depth and diversity of its economy.
Additionally, the S&P report stated, “We also expect the local economy to expand moderately, with past policy measures continuing to gradually ease housing sector imbalances.”
With a ‘AAA’ credit score, B.C. has lower debt servicing costs, which ensures that more funding is available to dedicate to making life more affordable, investing in the services people count on and building a strong, sustainable economy.
B.C. is the only province rated triple-A with all three international credit rating agencies: Moody’s, Standard & Poor’s and Fitch.