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B.C. Government Faces Major Setback as Credit Ratings Downgraded
BY The Canadian Press, Apr 3, 2025 6:53 PM - REPORT AN ERROR
Moody’s stated that B.C.'s credit outlook remains negative and that there is no clear visibility into how the province will address its deficit. (Photo: The Canadian Press)
B.C.'s David Eby government is facing a significant setback. Global credit rating agencies S&P and Moody’s both downgraded British Columbia's credit rating on the same day. The agencies cited the province's growing deficit and lack of a clear plan to exit its fiscal crisis.
Moody’s projected that British Columbia's deficit will widen to $14.3 billion this year, which is 31 percent higher than the estimate made by Finance Minister Brenda Bailey in last month's budget and 57 percent higher than the most recent estimate of last year's deficit.
Moody’s stated that B.C.'s credit outlook remains negative and that there is no clear visibility into how the province will address its deficit. S&P downgraded the province’s long-term credit rating from AA- to A+, while Moody’s downgraded the ratings from Aa1 to Aa2.
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