Aug. 21, 2009
FREDERICTON (CNB) - The provincial government is encouraged by the AA- credit rating released this week by Standard & Poor's. Acting Finance Minister Jack Keir said that New Brunswick continues to have the highest credit rating of any province east of Ontario.
The agency affirmed the province's AA- rating based on a "strong record in managing its finances, stable debt burden, and ample liquidity." The agency also described the province's outlook as stable.
"We realize that there are still challenges ahead in these economic times," said Keir. "We also believe that the affirmation of our rating shows that as a government, the five-point plan we put forward in our last budget to weather this economic storm and return to balanced budgets and keep us on the path to self-sufficiency, was a strong plan."
The main components of the plan tabled on March 17 are:
Standard & Poor's said of the fiscal outlook in the province, "The stable outlook reflects our expectation that New Brunswick will remain on track with its plan outlined in the fiscal 2010 budget to return to a balanced budget position in the medium term."
This rating affirmation follows the rating update released by the Dominion Bond Rating Service in June, which confirmed New Brunswick's credit rating at A (high) with a stable outlook.
MEDIA CONTACT: Marc Belliveau, communications, Department of Finance, 506-453-4138.