September 12, 2017 1:10 pm

Saskatchewan’s Aaa credit rating confirmed by Moody’s

Moody’s Investors Service has confirmed Saskatchewan continues to have a Aaa credit rating from the agency.

Alexa Huffman / Global News
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Saskatchewan continues to have a Aaa credit rating from Moody’s Investors Service.

Moody’s commended the province for mulit-year fiscal planning in confirming the rating.

READ MORE: Standard and Poor’s cuts Saskatchewan credit rating, cites low commodity prices

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“Saskatchewan’s Aaa rating benefits from very strong debt affordability … Saskatchewan’s fiscal planning is supported by comprehensive and transparent financial reporting,” Moody’s said in its credit opinion update.

The confirmation comes after the Saskatchewan government made tough financial decisions in its 2017-18 budget, including hiking the PST and shutting down the Saskatchewan Transportation Company (STC).

“Some difficult choices had to be made this year as part of our three-year plan to get back to balance, but these decisions were necessary to keep our finances and our province strong,” Finance Minister Donna Harpauer said.

British Columbia is the only other province with a Aaa credit rating from Moody’s, and Saskatchewan is second to B.C. among the provinces when the ratings of Moody’s, Standard and Poor’s and DBRS are considered.

Saskatchewan first received the Aaa credit rating from Moody’s in 2014.

The Aaa rating reflects Moody’s highest rating for Canadian provinces.

© 2017 Global News, a division of Corus Entertainment Inc.

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