August 7, 2019 1:10 pm
Updated: August 8, 2019 7:25 am

Saskatchewan maintains ‘stable outlook’ with AA credit rating from S&P Global

Standard and Poor's Global Ratings has affirmed Saskatchewan’s AA credit rating, maintaining its "stable outlook" for the province.

Alexa Huffman / Global News
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Saskatchewan earned an AA crediting from Standard and Poor’s (S&P) Global Ratings, maintaining its “stable outlook.”

The province currently has a triple-A rating from Moody’s Investors Service and an AA rating from the Dominion Bond Rating Services (DBRS).

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The combined valuations secure Saskatchewan’s credit rating as the second-highest in Canada, according to the province.

READ MORE: Moody’s downgrades Ontario’s credit rating

“It is encouraging to see another strong rating confirmed,” Finance Minister Donna Harpauer said.

“In Saskatchewan we continue to follow a fiscal plan to balance, carefully controlling spending while continuing to invest into priority services, programs and infrastructure for the people of the province.”

S&P Global stated in its report, “The Province of Saskatchewan’s policy response to the 2015 oil price collapse that included a balance of revenue and expenditure measures continues to positively affect the province’s budget performance.”

READ MORE: B.C.’s AAA credit rating reaffirmed by Standard and Poor’s

“Our most recent labour force statistics show that we’ve had 11 consecutive months of job growth. There are more people working in our province than ever before,” Harpauer said.

“It’s a signal that our economy is strengthening and while there is more work to do, we’re making progress.”

S&P Global’s report also said, “Decreased reliance on more volatile resource revenues, high wealth levels, and healthy cash balances also help to anchor the ratings.”

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