CBRS UPGRADES SASKATCHEWAN TO \"A PLUS\" CREDIT RATING

Released on April 21, 1999

Finance Minister Eric Cline welcomed news of another credit upgrade

for Saskatchewan. Last week, Canadian Bond Rating Service (CBRS)

raised the province's credit rating from A to A plus, citing the

government's demonstrated commitment to fiscal responsibility and

balanced budgets, reduction in the level of tax-supported debt and

improved performance of Crown corporations.



This credit rating upgrade is further confirmation of Saskatchewan's

improved creditworthiness," Cline said.



This is the fifth credit rating upgrade Saskatchewan has received in

the last three years. Currently, the province is rated as follows:



CBRS: A plus, upgraded from A in 1999;



Standard & Poor's: A, upgraded from A- in 1996 and from BBB+ in

1995;



Dominion Bond Rating Service: A (low), upgraded from BBB (high)

in 1995;



Moody's Investor Service: A2, upgraded from A3 in 1997; and



Fitch IBCA: A plus, new rating in 1998.



"Improvement to our credit rating by all the major agencies has

provided significant benefits to the people of Saskatchewan," Cline

said. "The cost of borrowing has come down substantially in recent

years, and that means more money available to reduce taxes and invest

in priority public services, like health and highways."

In reviewing the province's fiscal and economic circumstances,

CBRS took into account a number of challenges, such as the effect

of federal reductions on Saskatchewan's revenue base and

continued weakness in commodity prices.



CBRS also noted that Saskatchewan has maintained a low

unemployment rate and that, "Saskatoon's expanding research and

bio-technology programs, associated with the University of

Saskatchewan, have also been a notable diversifier of the

province's traditional primary industry focus."



"This latest credit rating upgrade demonstrates the agency's

confidence that we will continue to meet our challenges and

create new opportunities for economic growth," Cline said.

"Saskatchewan people, too, should view this as another reason to

be confident about our future as we work together to further

reduce debt, lower taxes and improve services -- all within a

sound, responsible financial framework."



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For more information, call:



Sandra Lodoen

Communications Director

Saskatchewan Finance

Regina

Phone: (306) 787-6578