US EditionPremier Eby defends budget after credit drop, but opposition says B.C. is going broke
Moody's cites large structural deficits and rising debt, forecasting a $13.3 billion deficit this year, while Premier Eby prioritizes services over deep cuts.
- Thursday's Moody's Ratings announced that Moody's lowered British Columbia's baseline credit rating to Aa1 from Aa2 and downgraded other ratings to Aa2, with a negative outlook.
- Government figures forecast debt rising from $183.3 billion this year to $209.8 billion next year and $234.5 billion the year after, while Moody's Ratings cited large structural deficits and spending growth risks.
- Eby said this year's budget was a deliberate choice to protect health-care services rather than make deep cuts, despite a record deficit.
- Interim B.C. Conservative leader Trevor Halford warned financial markets signal 'B.C. is going broke' after the fifth downgrade in four years, while Finance Minister Brenda Bailey said the province remains highly rated with global market access.
- Moody's added British Columbia's credit profile is supported by a resilient and diversified economy that underpins a broad tax base and limits reliance on any single sector, but warned of sizable deficits and U.S. trade exposure risks.
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37 Articles
B.C.'s credit rating downgraded as 'entrenched deficits' expected, but premier says services more important
British Columbia's credit rating has been downgraded, but Premier David Eby said government made a "very clear choice" between making cuts to "meet a credit rating" and "prioritizing British Columbians."
Premier Eby defends budget after credit drop, but Conservatives say BC is going broke
British Columbia's credit rating has been downgraded, but Premier David Eby said government made a "very clear choice" between making cuts to "meet a credit rating" and "prioritizing British Columbians."
The credit rating agency Moody's lowered British Columbia's long-term credit rating from Aa1 to Aa2, due in part to its growing debt.
The Toronto Star
Premier Eby defends budget after credit drop, but opposition says B.C. is going broke
VICTORIA - British Columbia's credit rating has been downgraded, but Premier David Eby says government made a "very clear choice" between making cuts to "meet a credit rating" and "prioritizing
Premier Eby defends budget after credit drop, but Opposition says B.C. is going broke – Energeticcity.ca
VICTORIA — British Columbia’s credit rating has been downgraded, but Premier David Eby said government made a “very clear choice” between making cuts to “meet a credit rating” and “prioritizing British Columbians.” “We have to meet people where they’re at,” Eby said at an unrelated event in Metro Vancouver. “They are sicker, and they stay in hospital longer. We need to ensure high-quality health-care services and services for British Columbians …
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