S&P Global Ratings has affirmed Saskatchewan’s AA credit rating, and maintained its stable outlook for the province.
When combined with the current triple A rating from Moody’s Investors Service and the AA rating from the Dominion Bond Rating Service (DBRS), which was confirmed in June, Saskatchewan maintains the second-highest credit rating in the country, when ratings from the three major agencies are considered.
“It is encouraging to see another strong rating confirmed. 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,” Finance Minister Donna Harpauer said. “It’s the right balance. 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. It’s a signal that our economy is strengthening and while there is more work to do, we’re making progress.”
In affirming Saskatchewan’s rating, S&P Global Ratings states in its report that “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.”
The report also notes that “decreased reliance on more volatile resource revenues, high wealth levels, and healthy cash balances also help to anchor the ratings.”