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.
Province's credit rating stable
Finance Minister Jerome Kennedy. Telegram file photo
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Published on
June 8, 2009
- Published on June 30, 2010
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Staff ~ The Telegram
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Comments
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- Brian
- - July 2, 2010 at 14:52:32
Ooooohhhh That bad old Danny Williams!
Imagine, paying off our debt like that!
Keep that up and we'll have to elect him again. -
- Bones
- - July 2, 2010 at 14:42:24
LOL @ Brian.....yet I feel compelled to agree with you. I feel someone from the Liberal or the NDP parties should write a letter to the editor about this horrible, horrible thing. I wonder if either will even mention it?
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- Brian
- - July 1, 2010 at 21:36:55
Ooooohhhh That bad old Danny Williams!
Imagine, paying off our debt like that!
Keep that up and we'll have to elect him again. -
- Bones
- - July 1, 2010 at 21:19:37
LOL @ Brian.....yet I feel compelled to agree with you. I feel someone from the Liberal or the NDP parties should write a letter to the editor about this horrible, horrible thing. I wonder if either will even mention it?
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