Province gets highest rating from bond rating agency
British Columbia’s finance minister is pointing to what she says is another confirmation of the province’s healthy economy.
Bond rating agency Standard and Poor’s has confirmed B.C.’s triple-A long-term credit rating.
James said in a statement the rating reflects the province’s superior financial management practices, strong economy and robust liquidity.
B.C. has been rated triple-A with Standard and Poor’s since May 2007, when the province was upgraded from a double-A plus rating.
The statement from the Finance Ministry said B.C. is the only province rated triple-A with all three international credit rating agencies, which include Standard and Poor’s, Moody’s and Fitch.
James said the latest rating report verifies that B.C.’s path forward is a fiscally prudent one.
“Our government will continue to take action to make life more affordable, improve the services that British Columbians count on, and ensure strong economic growth that benefits the entire province,” James said.
The Standard and Poor’s report said one of B.C.’s greatest credit strengths is its diversified and healthy economy.
“Large resource endowments, high-ranking livability and close proximity to Asian markets underpin its affluent tax base,” it said.
The report said that when the total of all B.C.’s goods and services is divided by its population, the estimate per person is more than $42,800 US, based on a threeyear average.
The findings also forecast continued strong performance, in part because the bond rating agency said the province has protected itself from the uncertainties of United States fiscal and trade policies by expanding trade with other partners, particularly in Asia.
“We believe that the province’s near-term economic prospects are healthier than those of most other Canadian provinces because of B.C.’s relatively diversified economic base, which provides revenue diversification and resiliency,” the report said.