B.C. credit report suggests fiscal change afoot if NDP win provincial election

VICTORIA – The country’s largest credit agency has confirmed B.C.’s credit rating at AA high, but the bond rating agency cautions the upcoming provincial election could mean a change in fiscal direction.

The Dominion Bond Rating Service issued a report confirming the long- and short-term debt rating, saying all trends are stable, despite weak economic output.

But the service says recent opinion polls suggest the New Democrats have the best chance of forming the next government, and that has the potential to delay or cancel some of the budgetary measures.

B.C. Finance Minister Mike de Jong says the report is a vote of confidence for the Liberal government over its handling of provincial finances, but a warning that the NDP could change the province’s fortunes.

De Jong says it shows the agency is concerned an NDP government would have a significantly different trajectory and that the party’s lack of disclosure about their plans makes for greater uncertainty.

The report says the fiscal progress of the province, along with its relatively low debt burden will allow it to withstand further economic turbulence.