Released on June 11, 2004
Saskatchewan's credit rating has been upgraded to double A status. The Credit Rating agency Standard and Poor's boosted its rating from A+ positive to AA minus.Finance Minister Harry Van Mulligen says this is a vote of confidence in the government's budgetary approach, and good news for Saskatchewan.
"We are very pleased with this improvement, which is the eleventh credit rating upgrade since 1991," Van Mulligen said. "Saskatchewan had a high rating of AA plus in the early 1980s, and then it began to slide. We've been in a rebuilding process. This upgrade confirms that we are addressing Saskatchewan people's priorities in a responsible manner with sound financial management."
Standard and Poor's noted that this upgraded rating reflects the province's diverse economy, growth potential, still-moderate tax supported debt burden and the adoption of prudent budgetary policies.
Van Mulligen pointed out that this rating marks the first time since 1985 that Saskatchewan has had a "double A" credit rating from both major U.S. credit rating agencies.
"The province's economy is performing well," Van Mulligen added. "It is growing well in spite of the many challenges we're facing, which Standard and Poor's acknowledges. In spite of the challenges in the agriculture sector and escalating cost pressures in health care, the future of this province continues to look very bright."
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For More Information, Contact:
| Debbie Clark Finance Regina Phone: (306) 787-6605 |