Moody's Confirms Saskatchewan's Aaa Credit Rating
Moody’s Report States Saskatchewan’s Debt Burden Lowest Among Canadian Provinces
Moody’s Investors Service has confirmed Saskatchewan’s Aaa credit rating, the agency’s highest rating for Canadian provinces.
In its credit opinion update, Moody’s states, “Saskatchewan’s Aaa rating benefits from very strong debt affordability… Saskatchewan’s fiscal planning is supported by comprehensive and transparent financial reporting,” and also commends the province for multi-year fiscal planning.
“Saskatchewan received its first ever Aaa credit rating from Moody’s under our government in 2014,” Finance Minister Donna Harpauer said. “And Moody’s has confirmed that Aaa rating today. Some difficult choices had to be made this year as part of our three-year plan to get back to balance, but these decisions were necessary to keep our finances and our province strong.”
Only two provinces in Canada enjoy a Aaa rating from Moody’s, British Columbia and Saskatchewan. Alberta used to be one of three provinces in the country with a Aaa rating but was recently downgraded.
Saskatchewan continues to have the second-highest overall credit rating among provinces behind only British Columbia, when the ratings of the three major agencies (Moody’s, Standard and Poor’s and DBRS) are considered.
“Saskatchewan’s economy is performing well so far, and for the first time in two years is projected to post positive growth,” Harpauer said. “We will continue to work very hard as a government keep our economy growing because a growing economy benefits all people in Saskatchewan.”