Tuesday, November 25th4.5°C
24124
24165

BC credit rating slips

The credit rating on B.C.'s debt has been downgraded to AAA-negative from AAA-stable by Moody's Investors Service because of a softening economy and weaker commodity prices.

The change follows the release of the province's second quarterly financial report last month by Finance Minister Mike de Jong, who reported the province's annual deficit was projected to reach $1.47 billion, up from an earlier forecast of $1.1 billion.

De Jong blamed the problem on falling property taxes and lower prices for coal and natural gas, but insisted the government will still balance the budget next February.

NDP finance critic Bruce Ralston said Wednesday the Moody's downgrade makes if difficult to believe de Jong will be able to do that.

But Attorney General Shirley Bond, who is also vice-chair of the Treasury Board, said the change instead is a warning sign that serves to strengthen the government's resolve to control spending.

"No question, tough choices will be required, but we have the discipline to make them and the ability to do it in a balanced way that preserves funding for health care, education and critical infrastructure," she said in a statement released later in the day.

The Canadian Press


Read more Business News

22899


Recent Trending




Today's Market
S&P TSX15073.65+58.24
S&P CDNX780.64-6.86
DJIA17814.94-2.96
Nasdaq4758.252+3.36
S&P 5002067.03-2.38
CDN Dollar0.8882+0.0023
Gold1200.10+4.40
Oil73.88-1.90
Lumber328.30-2.70
Natural Gas4.286+0.135

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.32+0.04
Cantex0.040.00
Anavex Life Sciences0.175-0.005
Metalex Ventures0.030.00
Russel Metals32.14+0.65
Copper Mountain Mining2.15-0.02
Colorado Resources0.130.00
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.325-0.04

 
23744




FEATURED Property
21015631903 Hidden Lake Place
5 bedrooms 4 baths
$794,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...

_



24207

24185


Member of BC Press Council


22842