Citing strong economy, bond-rating agency maintains B.C.’s triple-A rating
B.C.’s finance minister is pointing to what she called another confirmation of the province’s healthy economy.
Bond-rating agency Standard & Poor’s has confirmed B.C.’s tripleA, long-term credit rating.
Carole James said in a news release that the rating reflects the province’s superior financial management practices, strong economy and robust liquidity.
B.C. has been rated triple-A with Standard & Poor’s since May 2007, when the province was upgraded from a double-A plus rating.
The release from the Finance Ministry said B.C. is the only province rated triple-A with all three international credit-rating agencies, which include Standard & Poor’s, Moody’s and Fitch.
James said the latest rating report verifies that B.C.’s path 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 in the release.
The Standard & 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 US$42,800, 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 U.S. 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.
High-ranking livability and close proximity to Asian markets underpin its affluent tax base.