S&P Global Ratings Affirms Saskatchewan's AA Rating

Released on June 13, 2022

S&P Global Ratings has affirmed Saskatchewan's AA credit rating and stable outlook. With this affirmation, Saskatchewan continues to have the second highest credit rating among Canadian provinces when all three major rating agencies (Moody's, DBRS Morningstar, and S&P) are considered.

"Our government is pleased that S&P has affirmed our rating," Deputy Premier and Finance Minister Donna Harpauer said. "Our strong financial plan has Saskatchewan back on track. Our 2022-23 Budget shows improvement to the bottom line and a path to balance by 2026-27."

In it' release S&P states that, "the stable outlook reflects our expectation that in the next two years the provincial economy will expand and Saskatchewan's prudent financial management will help its budgetary performance improve towards balanced operating results while maintaining strong liquidity levels."

Saskatchewan is poised to be a leader in economic growth among the provinces in 2022, according to private sector forecasts, based on continued high commodity prices, increased private sector investment and a return to a more normal year for agriculture.

Through the first three months of 2022, Saskatchewan posted the highest growth in wholesale trade, at 38.1 per cent, and the highest growth in manufacturing sales, at 37.0 per cent, among the provinces. In that time Saskatchewan also posted the second-highest employment rate, 63.5 per cent, and third highest growth in retail sales, 8.2 per cent, among the provinces.

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