Nova Scotia has received its highest-ever credit rating from Standard and Poor’s bond-rating agency.
The agency cited strong fiscal management as it upgraded the province’s long-term credit rating from A+ to AA- with a stable outlook.
In the agency’s credit report, it notes that the province is expected to outperform most Canadian provinces in the next two years, with strong management practices translating into solid budget outcomes.
“We have worked hard with Nova Scotians to put our province on a sustainable fiscal path. More people are working in Nova Scotia than ever before, exports are booming and our population is at an all-time high,” said Premier Stephen McNeil. “This credit rating is yet another sign that we are moving in the right direction as we build a stronger province together, where everyone can grow and succeed.”
The province’s debt-to-revenue ratio is also expected to be the lowest in the country.
“Nova Scotia’s fiscal health is crucial for us to maintain the capacity to provide public services to all Nova Scotians, as well as to attract new businesses that will help create more jobs and continue to drive our economy,” said Finance and Treasury Board Minister Karen Casey.