A Canadian philanthropist and founder of one of the world’s best-known bond rating agencies is suggesting that the Muskrat Falls project be put into conservatorship.

Walter Schroeder founded the Dominion Bond Rating Service, (or DBRS) and invests heavily in health care and the arts.

He recently paid a visit to St. John’s for the official launch of a new theatre and entertainment production company, Terra Bruce, run by local musician and business owner Bob Hallett.

The province is facing a dire fiscal situation, Schroeder says, exacerbated by Muskrat Falls and what he feels is a lop-sided equalization process.

He suggests that the federal government buy Muskrat Falls from the province for the five billion dollars already invested into the project.

That would mean Ottawa would take over the $8 billion dollars in debt it has guaranteed, keep the project until 2041, when the Upper Churchill contract comes to an end, then sell it back to the province at that time.