This is getting buried in the news cycle. But it’s actually a pretty big deal, and a sign that Quebec’s economy is in its best shape since before the ’95 referendum:
U.S. bond rating agency S&P Global has boosted Quebec’s credit rating to AA- – helping the province surpass neighbouring Ontario for the first time.
The agency says over the next couple of years it expects Quebec to keep its budget in the black and its debt ratios in decline thanks to strict cost controls, growing tax revenues and prudent fiscal policies.
Quebec Finance Minister Carlos Leitao tells The Canadian Press his province hasn’t reached this level with S&P, which was formally known as Standard and Poor’s, since 1993.
A little bit of political stability can go a long way, it seems.