Released on August 1, 2023
Moody's Investors Service has affirmed Saskatchewan's Aa1 (stable) credit rating and outlook.
"We are pleased that all three major rating agencies have affirmed their credit ratings for our province," Deputy Premier and Finance Minister Donna Harpauer said. "Moody's report and affirmation reflect we are headed in the right direction. Saskatchewan's financial outlook remains strong, and we will continue to be fiscally responsible by paying down debt while investing in programs and services that impact the lives of Saskatchewan people."
Saskatchewan currently has the second-highest credit rating among the provinces when all three major rating agencies are considered. In June 2023, S&P Global Ratings affirmed Saskatchewan at its highest credit rating among the provinces, and in July 2023, DBRS Morningstar affirmed Saskatchewan's AA (low) credit rating.
In their release Moody's states: "The province maintains high levels of liquidity along with a debt burden which is the lowest among provincial peers, supporting strong debt affordability and low refinancing risks."
Saskatchewan has the second lowest net-debt to GDP ratio among the provinces. Private sector forecasts have Saskatchewan experiencing real GDP growth of 1.7 per cent in 2023, the second highest amongst provinces.
Saskatchewan continues to experience strong employment, with the third lowest unemployment rate 4.7 per cent among the provinces in June, well below the national average of 5.4 per cent.
For more information, contact:Erin Luc