Finance Minister Jerome Kennedy. Telegram file photo
Despite the economic downturn the province's credit rating is still on track.
The Dominion Bond Rating Service, one of three agencies who rate the province's long- and short-term debt ratings, has maintained the credit rating of A and R-1 (low) respectively.
Finance Minister Jerome Kennedy says he "is satisfied with the outcome" of the credit review.
He says the province's efforts to reduce debt are helping the credit profile, adding that the government "is committed" to return to a surplus budget by 2011.
"We have reduced net debt by approximately 33 per cent over the last four years, and we will continue to do so in the future," Kennedy said in a press release. "When we reduce debt we improve our credit rating and lower the cost of borrowing, when it is necessary. We are committed to improving our credit rating through fiscal discipline."
Government is optimistic that the Long Harbour nickel processing facility, the Hebron project and White Rose expansion will further help the province become more financially stable
"The stability of the province's credit rating is a significant sign and a reason for cautious optimism, particularly during a global economic recession," he said.