Released on September 24, 2014
Saskatchewan Receives Moody's AAA Credit RatingMoody’s Investor Services (Moody’s) has upgraded Saskatchewan’s credit rating to Aaa, its highest level. With the upgrade, Saskatchewan joins the Governments of Canada, Alberta and British Columbia as the only jurisdictions in the country with Moody’s highest credit rating.
In its release, the agency said its triple A rating “reflects the province’s fiscal discipline and sustained low debt levels, which underscores prudent financial management practices.”
Deputy Premier and Finance Minister Ken Krawetz said that the credit rating upgrade confirms the fact that Saskatchewan’s economy remains strong, and that the government is doing a good job of managing the finances of the province.
“The Saskatchewan story continues to get even better,” Krawetz said. “It is rewarding to see the highest credit ratings ever assigned to the province of Saskatchewan. This rating underscores a solid record of financial management and fiscal stewardship.”
Moody’s concluded: “Saskatchewan’s debt and cash levels position the province very solidly against Canadian and international peers.”
“Clearly our approach of ‘steady growth’ has been successful,” Krawetz said. “We have balanced debt reduction and responsible spending with the need for increased investments in infrastructure and people to support our growing province.”
Ratings by firms such as Moody’s, a major credit rating agency in the international financial community, influence the interest rates that a government pays on borrowed money. As a result of this upgrade, Saskatchewan now enjoys the highest possible rating from both Moody’s and Standard & Poor’s.
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For more information, contact:
Jeff Welke
Finance
Regina
Phone: 306-787-6046
Email: jeff.welke@gov.sk.ca