Fitch Affirms the ‘AA+’ Rating on British Columbia (Canada); Outlook Stable

New York (The HeadQuarters News) – Fitch Ratings has affirmed the Province of British Columbia, Canada’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘AA+’.

The Rating Outlook is Stable. Additionally, British Columbia’s Short-Term Foreign Currency IDR has been affirmed at ‘F1+’, and the long-term and short-term ratings on the province’s senior unsecured bonds have been affirmed at ‘AA+’ and ‘F1+’, respectively.

The affirmation reflects Fitch’s expectation that economic and fiscal performance in British Columbia will remain solid over the near term as the recovery from the pandemic continues, narrowing projected deficits and borrowing needs relative to its current projections. British Columbia remains the growth leader among its Canadian peers, and the province has a history of quickly addressing fiscal challenges. Although uncertainties abound related to the pandemic recovery, international trade, higher interest rates and its housing market situation, the province is well-positioned to absorb potential shocks.