Released on August 4, 2006
Saskatchewan received its 14th credit upgrade since 1995 on August 4th, 2006. International rating agency Standard & Poor's (S & P) boosted Saskatchewan's long-term debt ranking to AA from AA-.This is the fifth credit rating upgrade for the province under Premier Calvert's leadership, arriving just four months after Finance Minister Andrew Thomson delivered Saskatchewan's 13th consecutive balanced budget.
"Saskatchewan is making great economic progress thanks to the hardworking residents of this province and their confidence in this government," Thomson said. "Over $445 million has been put toward permanent debt reduction in the last two fiscal years, contributing to this new credit rating."
S & P noted in its August 4th news release that the province's net
tax-supported debt declined significantly to 15.3 per cent of the GDP at the
end of the 2005-06 fiscal year from 22.5 per cent GDP in the prior
fiscal year. They also noted that Saskatchewan's net supported debt burden is not expected to rise materially above its current level in the medium term.
Standard & Poor's also stated that the rating improvement is based on the Province diversifying the economy and the potential for long-term growth stemming from the expanding oil and gas sector.
"This credit rating upgrade provides independent, third-party validation that we're managing the public purse responsibly for Saskatchewan people," Thomson said.
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For More Information, Contact:
| Mike Woods Finance Regina Phone: (306) 787-6578 |