Newfoundland and Labrador’s credit rating is the lowest of any province.

DBRS has maintained it at “A Low” and while it says the province has done a good job of reducing the deficit, balancing the books by 2022-23 will be challenging.

It says further structural measures are required if Newfoundland and Labrador is to meet its projections on the deficit.

Four years ago, the province had a deficit of $2.2-billion and while it has come down, DBRS Ltd. says without the Atlantic Accord agreement last spring, the deficit would have been $577-million.

DBRS spokesman Travis Shaw says reliance on oil activity offshore is unlikely to make an immediate difference.