Saskatchewan's AA Credit Rating Affirmed by S&P Global Ratings

Released on June 20, 2023

In its recent release, S&P Global Ratings cites Saskatchewan's prudent financial management in affirming the province's AA credit rating and stable outlook.

Saskatchewan currently has the highest credit rating from S&P among Canadian provinces, and the second highest credit rating among the provinces when all three major rating agencies (Moody's, DBRS Morningstar and S&P) are considered.

"Thanks to our growing economy, our finances are strong and we can responsibly invest in the programs and services that matter to Saskatchewan people while also committing to further paying down debt with this year's surplus," Deputy Premier and Finance Minister Donna Harpauer said. "We're encouraged by S&P's report and affirmation of our credit rating."

In its release S&P states: "Saskatchewan demonstrates what we view as strong financial management that supports its creditworthiness. The government has historically demonstrated a willingness to control spending to offset revenue volatility and has taken steps to expand its revenue base to limit reliance on non-renewable resource revenues."

Saskatchewan led all provinces in 2022 with 5.7 per cent GDP growth and private sector forecasts have Saskatchewan second in economic growth in 2023. 

Through the first three months of 2023, Saskatchewan posted the highest growth rate in housing starts among provinces at 52.3 per cent and had the second highest growth rate in wholesale trade at 49.5 per cent. The economy also showed strength with the third highest growth rate in international goods and exports among provinces, at 29.5 per cent.

Saskatchewan's unemployment rate was 4.4 per cent in May, second lowest among provinces and below the national average of 5.2 per cent.

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