B.C.'s AAA Credit Rating Affirmed
Apr 12, 2012
(News Release) VICTORIA — The three major credit rating agencies have affirmed their credit ratings for the province of B.C., including triple-A ratings – the highest possible – from Standard & Poor’s and Moody’s Investors Services, Finance Minister Kevin Falcon announced today.
The reports come in the wake of meetings held with the rating agencies and as Falcon is undertaking four days of annual post-budget meetings with investors in New York, Montreal, Toronto, and Chicago, April 10-13.
These independent assessments are based on the province’s consistent track record of fiscal and economic management that have helped B.C.’s economy weather the global economic downturn and put the province on track to balance the budget in 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," says Falcon.
B.C.’s track record of fiscal discipline, one of the most competitive tax rates for residents and businesses in Canada, and the province’s shifting trade mix toward Asia rather than North America were all cited as strengths of B.C.’s fiscal and economic performance.
Since November 2004, B.C. earned seven successive credit rating upgrades and has out-performed budget targets in 10 out of 11 years, and is committed and on-track to balance the budget in 2013-14.