Standard and Poor’s, a global credit rating agency, announced last week that New Brunswick has maintained an A+ credit rating on modest improvement in budgetary performance and exceptional liquidity.
“Our government has been hard at work addressing New Brunswick’s fiscal challenges, and the stable outlook from bond-rating agencies is a clear demonstration of that,” said Finance Minister Cathy Rogers. “While we are encouraged by this news, there is still work to be done. Our government remains committed to working to get our province’s finances in order to make life better for New Brunswick families.”
The agency identified a number of credit strengths for the province including exceptional near-term liquidity and largely stable budgetary flexibility and performance. The agency also noted that it expects New Brunswick’s budgetary performance will continue to strengthen modestly in the next two years as the province realizes cost efficiencies and it expects that the province will remain on track to achieve a balanced budget by 2021.
This is the third favorable rating the provincial government has received since the 2016-17 budget was released. A credit rating by Moody’s Investors Service in April maintained the debt rating at Aa2 with a stable outlook. Also in April, the Dominion Bond Rating Service confirmed its rating of A high with a stable outlook.
“Our government has a balanced and comprehensive plan to address our fiscal challenges,” said Rogers. “Decisions by Standards and Poor’s, Moody’s and the Dominion Bond Rating Service prove that we are on the right track.”
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