FITCH Ratings has confirmed British Columbia’s AAA credit rating, citing the Province’s broad-based economy, continued fiscal balance and careful debt management, Finance Minister Carole James announced on Thursday.
“The latest rating from Fitch confirms that B.C. continues to lead the country with our steady economy and prudent fiscal plan,” James said. “Our high rating means our province will keep lower debt-servicing costs and allow us to continue improving services and affordability for British Columbians.”
In its rating report, Fitch states that, “British Columbia’s diverse economy continues its steady pace of economic growth, ahead of most other provinces. Labour market conditions remain solid, and the recently-elected provincial government is forecasting modest GDP growth.”
Fitch notes the Province’s commitment to fiscal balance: “Prudently, the (B.C.) government’s updated fiscal plan (Budget 2017 Update) includes expense contingencies and forecast allowances around cautious economic forecasts to ensure the provincial budget remains balanced.”
British Columbia is the only province rated triple-A with all three international credit rating agencies: Moody’s, Standard and Poor’s, and Fitch. Standard and Poor’s confirmed the Province’s rating and superior financial management practices in November 2017. As well, Dominion Bond Rating Service confirmed B.C.’s AA (high) credit rating in October 2017.