Credit Rating Agencies Confirm Province’s Fiscal Success
August 18, 2013
Two more independent, third-party rating agencies have confirmed that the province’s four-year fiscal plan is working and has put Nova Scotia back on stable financial footing.
All three major credit-rating agencies have now published analyses of Nova Scotia’s fiscal situation. Most recently, Moody’s and Standard and Poor’s both reaffirmed the province’s ratings.
“These agencies provide a thorough, independent analysis and look at the whole story,” said Graham Steele, acting finance minister. “This third-party validation of the government’s efforts to get back to balance is encouraging and shows that our plan has worked.”
Standard and Poor’s, in reaffirming its A+(stable) rating on July 31, predicted the province’s outlook would remain stable, with continued economic growth in 2013 and strengthening economic growth in 2014.
Moody’s also reaffirmed its Aa2 (stable) rating. In its July 22nd report, Moody’s noted the plan to a balanced budget is on track, the province has had continued success in managing expenses, and that major projects on the horizon are expected to have a positive impact on our economy.
Earlier this summer, the Dominion Bond Rating Service upgraded Nova Scotia’s rating to A(high) (stable), giving the province its highest rating ever. Dominion Bond noted the province’s sustained fiscal discipline and prudent fiscal management.
Credit rating services generally review the province’s credit ratings on an annual basis.