reports
- Aditi Joshi
- Thomas R. Torgerson
- Travis Shaw
Manitoba's 2023 Budget: Significant Tax Relief and Weaker Economic Gro...
The Province of Manitoba released its 2023 budget on March 7, 2023. The budget continues to point to declining deficits and a manageable debt burden, although the pace of improvement has slowed from our prior expectations. Despite challenging macroeconomic conditions brought on by the Coronavirus Disease (COVID-19) pandemic, severe weather events, and commodity price volatility in recent years, Manitoba has remained one of the most resilient and diversified among provincial economies, and its cr...
- Aditi Joshi
- Travis Shaw
Manitoba, Province of: Rating Report
On November 8, 2022, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Long-Term Debt rating of the Province of Manitoba at A (high) and confirmed the Province's Short-Term Debt rating at R-1 (middle). DBRS Morningstar also confirmed The Manitoba Hydro-Electric Board's Long-Term Obligations at A (high) and its Short-Term Obligations at R-1 (middle).
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Travis Shaw
Provincial 2022–23 First Quarter Wrap-up—Rapid Fiscal Turnaround but M...
Most provinces have experienced a dramatic fiscal turnaround and appear well-positioned to outperform budget targets for 2022–23; however, these trends are unlikely to be sustained as the economic outlook becomes increasingly clouded. Notwithstanding these headwinds, the majority of DBRS Morningstar's provincial ratings currently have Stable trends as strong fiscal performance has contributed to financial flexibility at the current ratings.
- Aditi Joshi
- Travis Shaw
Province of Manitoba Budget 2022 — Steady As It Goes
The Province of Manitoba (Manitoba or the Province; rated A (high) with a Stable trend by DBRS Morningstar) released its 2022 budget on April 12, 2022. The Province forecasts steadily declining deficits and downward trending net debt-to-GDP resulting from a swifter economic recovery and spending restraint. With one of the most resilient and diversified provincial economies and a government focused on fiscal sustainability even prior to the pandemic, this is to be expected.
- Aditi Joshi
- Brenda Lum
- Travis Shaw
- Aditi Joshi
- Travis Shaw
Province of Manitoba Budget 2021 - Getting Back on Track
The Province of Manitoba (Manitoba; rated A (high) with a Stable trend by DBRS Morningstar) released its 2021 budget on April 7, 2021. Like all provinces, Manitoba has been severely affected by the Coronavirus Disease (COVID-19) pandemic but, unlike the other Canadian provinces, it is forecasting a swift improvement in deficits and the restoration of downward trending debt-to-GDP ratios.
- Tom Li
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Travis Shaw
Manitoba, Province of: Rating Report
DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Long-Term Debt rating of the Province of Manitoba (Manitoba or the Province) at A (high) and confirmed the Province’s Short-Term Debt rating at R-1 (middle). All trends are Stable, supported by a well-diversified and resilient economy, increased focus on fiscal sustainability prior to the onset of the Coronavirus Disease (COVID-19) pandemic, and prudent debt management. These attributes provide Manitoba with ample flexibility to wit...
- Paul Le Bane
- Travis Shaw
Manitoba, Province of: Rating Report
DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Long-Term Debt rating of the Province of Manitoba (Manitoba or the Province) at A (high) and the Short-Term Debt rating at R-1 (middle). All trends are Stable. DBRS Morningstar also confirmed the Long-Term and Short-Term Obligations ratings of The Manitoba Hydro-Electric Board at A (high) and R-1 (middle), respectively, both with Stable trends.
- Paul Le Bane
- Travis Shaw
- Aditi Joshi
- Paul Le Bane
- Travis Shaw
Province of Manitoba's Budget 2020
The Province of Manitoba's (Manitoba or the Province) Progressive Conservative (PC) government released its 2020 provincial budget (the Budget) on Thursday, March 19, 2020, which was held back by a week due to delay tactics by opposition. During that week, global economic conditions deteriorated considerably, diminishing the relevance of the Budget's underlying economic and fiscal projections. At the time the Budget was introduced, the Province also tabled a supplementary piece outlining possibl...
- Paul Le Bane
- Travis Shaw
- Ravikanth Rai
- Tom Li
Manitoba Hydro-Electric Board, The: Rating Report
DBRS Limited (DBRS Morningstar) updated its report on the Manitoba Hydro-Electric Board (Manitoba Hydro or the Utility). The ratings assigned to the Utility’s Long-Term and Short-Term Obligations are a flow-through of the ratings of the Province of Manitoba (the Province; rated A (high) and R-1 (middle) with Stable trends by DBRS Morningstar). Pursuant to The Manitoba Hydro Act, the Province unconditionally guarantees almost all of Manitoba Hydro’s outstanding third-party debt. The Province ...
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