DOMINION Bond Rating Service (DBRS) has confirmed British Columbia’s AA credit rating, maintaining B.C.’s position as DBRS’s highest-rated province in Canada, Finance Minister Carole James announced on Wednesday.
“DBRS’s rating is a clear recognition of our government’s responsible fiscal policy and recognizes our ongoing commitment to making life more affordable for British Columbians,” said James. “British Columbia is a great place to do business and invest and I will be promoting our province’s credit rating as well as our child-care and housing plans as I meet with investors in Chicago, Boston, Montreal and Toronto this week.”
DBRS’s report cites B.C.’s diverse and growing economy, positive budget outlook, ample fiscal capacity and low debt burden as reasons for the rating. It also highlights B.C.’s “ambitious policy agenda,” with its considerable focus on improving affordability and enhancing public service, while emphasizing B.C.’s “commitment to balanced budgets, conservative budgeting practices, and maintaining an ongoing focus on debt affordability.”
DBRS also notes that B.C.’s economic growth has been “relatively broad-based with gains in consumption, investment, and trade.”
In October 2017, DBRS confirmed B.C.’s AA rating following Budget 2017 September Update. B.C. is the only province rated triple-A with all three international credit rating agencies: Moody’s, Standard & Poor’s, and Fitch.