Released on October 16, 2009
Finance Minister Rod Gantefoer was pleased to receive word today from the Dominion Bond Rating Service (DBRS) that the Government of Saskatchewan has been granted a credit upgrade from AA(low) to AA.
DBRS says the rating boost was warranted due to significant strides in debt reduction, continued fiscal prudence and relatively sound economic fundamentals that led to a much improved credit profile.
"Despite significant headwinds facing the provinces," the DBRS news release states, "Saskatchewan has so far shown resilience and built up considerable flexibility that leaves it poised to withstand the downturn with only limited damages to its fiscal and financial position."
Minister Gantefoer says this good news confirms the Government of Saskatchewan has taken the province in the right direction.
"This news represents an overall boost to our morale here in Saskatchewan, which is always welcome when economic uncertainty worldwide is present," Gantefoer says. "DBRS echoes what our government has said repeatedly - that Saskatchewan remains in a better position than most provinces and is expected to remain one of the top performers going forward."
The credit rating upgrade by DBRS is preceded by a credit rating improvement by Standard & Poor's in November 2008 from AA to AA+.
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For more information, contact:
Vanessa Beaupre
Finance
Regina
Phone: 306-787-8109
Email: vanessa.beaupre@gov.sk.ca
Cell: 306-526-6793