Province's Credit Rating Tops
By 250 News
It’s been nearly a quarter of a century, but B.C.’s credit rating is the highest it can go. Moody’s has boosted the Province’s rating to Triple A.
Minister of Agriculture, Pat Bell, says the credit rating agency cited the Province’s "Committment to debt reduction and fiscal prudence" as the two main reasons for the improved ranking. The only other province to have triple-A ranking is Alberta.
The rate will translate into improved interest rates on outstanding debt. Each percentage point reduction in an interest rate equals $350 million dollars in savings for the province. While the new ranking may not mean a full percentage point reduction, it is expected there will be some savings.
It was 1983 when B.C. las had this top credit rating.
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Pretty hard to criticize the results of some difficult decisions in the previous number of years.
One other reason to note, is our committment to reduce debt. If the province is actually listening to the majority, we should continue to use the surplus to reduce our debts. This will free up more money to be used in the future to expand services or improve infrastructure. Chester