British Columbia Gets Fourth Credit Downgrade in Four Years
The coastal province is budgeting for a record C$10.9 billion deficit in the fiscal year that began on Tuesday.
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British Columbia’s credit rating has been cut by both S&P Global Ratings and Moody’s Investors Service as lower immigration and trade uncertainty weigh on the Canadian province’s economic growth at the same time that governmental spending has been increasing.
The downgrade from S&P on Wednesday marks the fourth one from the agency in as many years, and its ratings outlook remains negative, which implies a one-in-three chance of a further downgrade in the next two years.