Province aces credit report card
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B.C. Finance Minister Colin Hansen announced last week that the Province has received the highest available credit rating from Standard and Poor's (S&P).
In granting the "AAA" rating, S&P, a financial market information agency, noted that the Province's debt reduction has given B.C. an "increased capacity to respond to the global recession" with "good cash and investment balances coupled with solid access to capital markets (to) support what we view as B.C.'s strong credit profile."
"This is the third of the large agencies to confirm British Columbia's high credit rating," said Hansen in Victoria on December 17. "Our government is working hard to ensure British Columbia recovers from the economic slowdown in the shortest time possible."
Hansen estimated the Province's debt reduction to be "about $4 billion over the past three year period."
Many investors know Standard & Poor's for its role as an independent provider of credit ratings and as the home of the S&P 500 benchmark index.
Other agencies to upgrade B.C.'s credit ratings since November 2004 include the Dominion Bond Rating Service and Moody's Investors.
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