Dominion Bond Upgrades Province’s Credit Rating
July 8, 2013
Nova Scotia has earned its highest yet long-term credit rating from Dominion Bond Rating Service (DBRS) in recognition of the province’s return to a balanced budget through strong fiscal discipline and steady improvement over four years.
DBRS upgraded Nova Scotia to A (high) with a stable outlook, and short-term credit rating to R-1 (middle), saying Nova Scotia’s fiscal recovery is well ahead of many other provinces.
“We kept our commitment to balance the budget while protecting and improving the public services Nova Scotians value most, and avoiding the $1.3-billion deficit we were headed for only four short years ago,” said Finance Minister Maureen MacDonald. “Thanks to the help of all Nova Scotians we now have a stronger foundation to build a better future on.”
DBRS says the upgrade reflects “relatively limited erosion encountered during the downturn, along with sustained fiscal discipline and prudent fiscal management demonstrated throughout the period of recovery.”
“We are committed to maintaining fiscal discipline as we head into an era of unprecedented opportunity,” said Ms. MacDonald.
DBRS reviews credit ratings annually.