Three, out of 4 credit rating agencies rate BC credit outlook as stable

VICTORIA – Credit Rating Agency Moody’s confirmed British Columbia’s credit rating at Aaa with a stable outlook.
Credit ratings are an evaluation of a borrower’s ability to pay interest and to repay principal. The Province is rated by 4 credit rating agencies on an annual basis. Each agency conducts a detailed review following the provincial budget presentation and each agency monitors the province throughout the year.
In April, Fitch Ratings affirmed B.C.’s AA+ credit rating and stable outlook. On May 1, 2023, DBRS Morningstar confirmed British Columbia’s credit rating at AA (high) with a stable trend.
S&P Global Ratings however downgraded British Columbia’s credit rating from AA+ to AA and revised its outlook from stable to negative.
“The overall picture is positive, and these assessments underscore the overall resilience and positive outlook for B.C.’s financial landscape,” Katrine Conroy, Minister of Finance said. “We have significant fiscal guardrails to prepare us for the future while we continue to invest in British Columbians, who are the backbone of our strong economy. This approach is reflected in our updated ratings.”
Moody’s, the final agency to release results last week, that rated the province with a triple-A rating with a stable outlook, currently the only triple-A rating among provinces. Moody’s noted contingencies as a significant cushion against unanticipated challenges, Conroy added.
They also point to the province’s attractiveness to businesses and individuals with strong levels of migration, along with British Columbia’s ESG profile with strong green initiatives and environmental protection policies, high livability index and transparent reporting as key credit strengths.
Credit-rating agencies recognize B.C. continues to have the financial strength to support a strong economy and face any unexpected risks from global uncertainty due to the Province’s prudent debt management, transparent reporting and sustained track record for responding quickly to fiscal challenges.
Rating updates follow the release of provincial budgets in most jurisdictions every year. B.C.’s strong credit rating allows the Province to borrow money and fund projects at competitive rates, enabling government to continue to prioritize community infrastructure needs and service demands in a growing province.