reports
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Thomas R. Torgerson
- Travis Shaw
- Aditi Joshi
- Thomas R. Torgerson
- Aditi Joshi
- Travis Shaw
Québec, Province of: Rating Report
On June 12, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Long-Term Debt rating of the Province of Québec at AA (low) as well as its Short-Term Debt rating at R-1 (middle). Concurrently, DBRS Morningstar confirmed the Guaranteed Long-Term Debt and Commercial Paper ratings of Hydro-Québec at AA (low) and R-1 (middle), respectively, as well as the Long-Term Debt and Short-Term Debt ratings of Financement-Québec at AA (low) and R-1 (middle), respectively. The trend on all ra...
- 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
- Travis Shaw
- Aditi Joshi
- Thomas R. Torgerson
- Travis Shaw
New Brunswick, Province of: Rating Report
On May 26, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Long-Term Debt rating of the Province of New Brunswick (New Brunswick or the Province) at A (high) and its Short-Term Debt rating at R-1 (middle). Concurrently, DBRS Morningstar confirmed the Guaranteed Long-Term Liabilities and Guaranteed Short-Term Liabilities ratings of New Brunswick Municipal Finance Corp. at A (high) and R-1 (middle), respectively. All trends are Stable.
- Aditi Joshi
- Thomas R. Torgerson
- Travis Shaw
Prince Edward Island's 2023 Budget: Fiscal and Economic Challenges Per...
The Province of Prince Edward Island (rated "A" with a Stable trend by DBRS Morningstar) presented its 2023–24 budget on May 25, 2023. While significant external risks persist, economic growth will likely remain positive. The re-election of the Progressive Conservative Party as a majority government ensures a continuation of policy and key fiscal priorities in the Province. However, DBRS Morningstar notes that a weaker fiscal outlook and rising debt will reduce flexibility within the current rat...
- Aditi Joshi
- Thomas R. Torgerson
- Aditi Joshi
- Thomas R. Torgerson
- Travis Shaw
- Apurva Khandeparker
- Thomas R. Torgerson
- Travis Shaw
Nova Scotia's 2023 Budget: Persistent but Manageable Deficits
The Province of Nova Scotia (Nova Scotia; rated A (high) with a Stable trend by DBRS Morningstar) released its 2023 budget on March 23, 2023 (Budget 2023). Budget 2023 allocates substantial investments to healthcare, which continues to take centre stage of spring provincial budgets. The increased spending is accompanied by continued deficits and rising debt amid a macroeconomic slowdown, which is expected to reduce flexibility over the medium term. However, we note that Nova Scotia entered this ...
- 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
New Brunswick's 2023–24 Budget: Positive Fiscal Performance to Mitigat...
The Province of New Brunswick (New Brunswick or the Province; rated A (high) with a Stable trend by DBRS Morningstar) presented its 2023–24 budget on March 21, 2023. Despite slowing economic momentum, the government continues to prioritize fiscal sustainability, projecting modest budget surpluses will continue and the debt-to-GDP ratio will decline. Together, these two factors provide increased financial flexibility within the current rating category.
- Aditi Joshi
- Thomas R. Torgerson
- Travis Shaw
Québec's 2023 Budget: Sticking to the Script
The Province of Québec released its 2023 budget on March 21, 2023. Despite softening economic conditions, the budget points to a gradual improvement in the fiscal outlook and stabilization of the debt burden. While the government has taken advantage of a robust recovery in economic and fiscal conditions (post-pandemic) to move forward with tax relief and increased spending on priority areas, it has maintained its focus on fiscal discipline and longer-term debt reduction. As a result, we believe ...
- 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...
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