VICTORIA, B.C. — Finance Minister Carole James announced Friday that Moody’s Investors Service, one of the Big Three credit rating agencies that includes Standard & Poor’s and Fitch Group, has confirmed British Columbia’s AAA long-term credit rating.
James said that the credit rating agency cited the Province’s strong economy and the provincial government’s fiscal management and budgeting safeguards. In its rating report, Moody’s said B.C.’s “… wide diversification of sectors and markets reduces the vulnerability of the provincial economy from sector-specific or trading partner-specific shocks, including uncertainty with US trade policies including NAFTA negotiations.” Moody’s also mentioned B.C.’s GDP growth and low unemployment as other core elements in its rating.
“Moody’s confirmation of B.C.’s triple-A credit rating is another indication that our fiscal plan for British Columbians is built on a solid foundation,” said James. “This is positive news, as we prepare to deliver Budget 2018, which will take concrete steps to build a better British Columbia.”
Both Fitch and S&P previously rated B.C.’s credit rating as AAA last December and November respectively.