Standard & Poor Global Ratings (S&P) has confirmed the province of Saskatchewan has maintained the second-highest credit rating in the country despite the downturn of the pandemic, said a government press release.
Saskatchewan has a AA credit rating from S&P.
The province has the second-highest credit rating in the country when the ratings from the three major agencies are considered. This includes S&P, as well as Moody Investors Service (Triple-A rating) and DBRS Morningstar (AA).
S&P’s report was issued on June 19, and states that the agency expects the effects of the pandemic to be temporary in Saskatchewan, and there will be “steady improvement in fiscal results over the next two years.”
“S&P’s rating confirmation supports Saskatchewan’s strong fiscal foundation,” said Finance Minister Donna Harpauer, in a press release. “The agency’s report also notes that while the effects and challenge of the pandemic are considerable, our province is in a position to move forward and recover. It is a pandemic deficit, not a structural deficit. We will continue to invest in the priorities of Saskatchewan people and develop a plan to return to balance, over time.”
