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CREDIT RATING UPGRADE GIVES SASKATCHEWAN UNIVERSAL \"A\" RATING

Released on May 21, 1997

Premier Roy Romanow announced in the legislature today that the

Dominion Bond Rating Service (DBRS) today upgraded the province's

credit rating on long term debt to A (low) from BBB (high).



With this upgrade, Saskatchewan's credit is rated in the "A" bracket by

all four major North American rating agencies - Moody's, Standard &

Poor's, the Canadian Bond Rating Service and DBRS - in recognition of

the province's major financial turnaround.



In its announcement, DBRS cited the province's "continuing strong

economic performance", its "sustainable fiscal program" and the fact

that debt has dropped substantially compared to the size of the

economy.



DBRS added that "the province has demonstrated its commitment to

meeting fiscal objectives despite substantial challenges in recent

years and fully intends to generate continuing budget surpluses."



Finance Minister Janice MacKinnon called the upgrade "another milestone

- a tribute to the hard work and dedication of Saskatchewan people who

were determined to pay down the mortgage on their children's future.

The recent provincial budget was well received by Saskatchewan people

and now it has been well received by the international financial

community as well.



"The upgrade is independent confirmation that we are on the right

track. It provides more support for the renewed sense of confidence

and optimism Saskatchewan people are feeling about our future,"

MacKinnon said.



DBRS also upgraded the province's short term debt to R-1 (low) from R-2

(high).



This is the province's second major credit upgrade within the last

year. Last May 28, Standard and Poor's upgraded its credit rating for

Saskatchewan from BBB+ to A-.



"This higher credit rating bracket translates into interest savings on

the money the province borrows," MacKinnon said. "Since receiving its

upgrade from Standard and Poor's these savings are estimated to total

about $2.5 million to the end of this year.



"As well, today's credit rating upgrade has put Saskatchewan back on

the 'buy list' for many domestic investors, which provides the province

with more financial flexibility."



Investors who purchase only "A" bracket securities can now purchase

Saskatchewan's bonds.



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For more information, contact:



Ron Podbielski

Communications Director

Saskatchewan Finance

Regina

Phone: (306) 787-6578

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