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North Island MLA touts B.C.’s strong credit rating

NORTH ISLAND, B.C. – B.C. is the only province in Canada rated AAA by all three international credit rating agencies.

North Island MLA Claire Trevena says that a strong economic balance is helping to drive the provincial economy.

People are our province’s greatest resource and by investing in them, we’re building one of Canada’s strongest economies,” Trevena said. 

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From launching a child care pilot project to building affordable housing units, to funding new trade and tech seats at North Island College, our government has made record investments to make life better for people in North Island, and we’re going to keep delivering results.”

B.C.’s strong position is confirmed with Fitch’s credit rating report, the third and final international rating for the year.

“Our government is building an economy that benefits all British Columbians, not just a few at the top, by investing in our greatest resource – people,” finance minister Carole James said. 

“Our plan is working. Our economy is strong, our budget is balanced and we’re making investments in people and services to pave the way for a brighter future. These credit ratings signal confirmation from investors and financial markets that we’re on the right track.”

The province says that Fitch’s credit rating report “highlights the province’s strong labour market conditions with a declining unemployment rate, healthy wage growth, and continued employment growth” and anticipates B.C.’s “diverse economy will continue to grow faster than most other provinces.”

James said the credit ratings are also a signal to investors that B.C. is an attractive place to do business. 

The report also acknowledges the province’s new cost-control efforts for ICBC and notes that these measures should improve ICBC’s ongoing fiscal performance.

Earlier this spring, credit rating agencies DBRS, Standard & Poor’s and Moody’s all affirmed B.C.’s credit rating and economic health. 

Alongside Fitch, all rating agencies cited the B.C.’s prudent fiscal management and diversified economy as key factors behind the high ratings.

The province says the high credit ratings allow it to have lower debt servicing costs, which frees up funding for government priorities, including making life more affordable, investing in services and building a strong, stable economy.

B.C. has had the lowest unemployment rate in Canada for 22 consecutive months, and its employment growth has been above the national average over the last year.

The government says it has eliminated B.C.’s operating debt for the first time in 40 years.

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