NEW YORK — British Columbia’s credit status took a double blow on Tuesday, with S&P downgrading the province due to the risk of “outsize” deficits, and Moody’s turning its outlook negative.
S&P Global Ratings blamed big government spending as it dropped its credit rating for the province and BC Hydro’s provincially guaranteed unsecured debt from AA status to AA-minus.
It’s the third rating drop since 2021, when B.C. lost AAA status.
“The Province of British Columbia’s 2024 budget outlines continued extensive investment for operations and record levels of capital spending over the next three years, which will lead to outsize after-capital deficits of more than 15 per cent of
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