In perhaps a positive sign for the province’s fiscal outlook, credit rating agency DBRS Morningstar has upgraded Newfoundland and Labrador’s ratings from stable to positive.
The organization cites the provincial budget as the reason for the change.
They say that document indicates continued fiscal improvement with a return to a balanced budget two years ahead of schedule, and that the debt-to-GDP ratio is returning to pre-pandemic levels.
Finance Minister Siobhan Coady says that’s positive news. She hopes that will both attract investors and lower the province’s cost of borrowing.
