British Columbia Gets Third Credit Downgrade in Three Years
- S&P cuts Canadian province on plans for record C$8B deficit
- Moody’s changes outlook to negative, citing rising debt levels
A Canadian flag flies over Granville Island in Vancouver
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
British Columbia’s credit rating was cut to AA- by S&P Global Ratings with a negative outlook — its third downgrade in three years — after the provincial government decided to ramp up borrowing.
The firm said it may lower its rating again in the next two years if the province, Canada’s third-largest by population, “maintains its current fiscal trajectory.”