reports
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Travis Shaw
Ontario, Province of: Rating Report
On June 8, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and the Long-Term Debt rating of the Province of Ontario (Ontario or the Province) at AA (low) and the Short-Term Debt rating at R-1 (middle). DBRS Morningstar also confirmed the Ontario Electricity Financial Corporation’s Long-Term Obligations rating at AA (low) (based on the Province's rating). Concurrently, DBRS Morningstar changed the trends on all ratings to Positive from Stable.
- Aditi Joshi
- Apurva Khandeparker
- Cheryl Saldanha
- Travis Shaw
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Thomas R. Torgerson
- Travis Shaw
Ontario's 2023 Budget: Accelerated Path to Balance
The Province of Ontario released its 2023 budget on March 23, 2023. With the 2023 budget, Ontario is allowing strong revenue growth to accelerate its path to balance, a prudent step in light of mounting economic headwinds. Despite the fiscal improvement, a hefty capital program will keep the debt-to-GDP ratio roughly in line with our previous expectations.
- Aditi Joshi
- Thomas R. Torgerson
- Travis Shaw
Saskatchewan's 2023–24 Budget: Swiftly Back to Balance
The Province of Saskatchewan (the Province; rated AA (low) with a Stable trend by DBRS Morningstar) presented its 2023–24 budget on March 22, 2023. Prudent fiscal management and a recovery in resource revenues have resulted in a swift return to balance and a quickly declining debt-to- GDP ratio. Because of the recent turnaround in its fiscal trajectory, the Province is well-positioned to withstand a deteriorating macroeconomic backdrop and potential commodity price volatility without materially ...
- 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
- Thomas R. Torgerson
- Travis Shaw
Province of Alberta Budget 2023—Charting a New Fiscal Framework
The Province of Alberta released its 2023 budget on February 28, 2023. The Province's finances have improved dramatically from the early onset of the Coronavirus Disease (COVID-19) pandemic, with Alberta anticipating a large surplus in 2022–23 followed by a continuation of small surpluses and gradual decline in debt through 2025–26. Strong energy prices are allowing Alberta to realize record nonrenewable resource royalties, while the government has also worked to bring per capita spending down i...
- Aditi Joshi
- Travis Shaw
Ontario, Province of: Rating Report
On December 22, 2022, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and the Long-Term Debt rating of the Province of Ontario (the Province) at AA (low) and the Short-Term Debt rating at R-1 (middle). DBRS Morningstar also confirmed the Ontario Electricity Financial Corporation’s Long-Term Obligations rating at AA (low) (based on the Province's rating). All trends are Stable.
- Aditi Joshi
- Travis Shaw
- 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
Alberta, Province of: Rating Report
On September 16, 2022, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Long-Term Debt rating of the Province of Alberta at AA (low), as well as its Short-Term Debt rating at R-1 (middle). Concurrently, DBRS Morningstar changed the trends on all ratings to Positive from Stable.
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Travis Shaw
- 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
- Apurva Khandeparker
Province of Saskatchewan 2022 Budget: Gaining a Sure Footing
The Province of Saskatchewan released its 2022–23 provincial budget on March 23, 2022. This budget suggests a stronger-than-expected recovery reflecting the Province’s expectations of ongoing economic momentum, higher average resource prices, and strict spending control in the near term. Key investment priorities remain focused on healthcare, education, social assistance, economic recovery, and public safety.
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