reports
- 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
- 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 ...
- Adam Provencher
- Tom Li
- 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
- Apurva Khandeparker
- Travis Shaw
- Aditi Joshi
- Travis Shaw
- Aditi Joshi
- Travis Shaw
Province of Québec Budget 2021 - Manageable Deficits Despite Uncertain...
The Province of Québec (Québec; rated AA (low) with a Stable trend by DBRS Morningstar) released its 2021 budget on March 25, 2021. Québec, like all other Canadian provinces, remains focused on efforts to combat the Coronavirus Disease (COVID-19) pandemic. However, Québec entered this downturn from a position of fiscal and economic strength and, as a result, projected deficits are expected to be manageable and debt-to-GDP will remain below prior peaks.
- Shawn Shangguan
- Tom Li
Hydro-Québec: Rating Report
DBRS Limited (DBRS Morningstar) updated its report on Hydro-Québec (Hydro-Québec or the Company). The ratings assigned to the Company's Guaranteed Long-Term Debt and Commercial Paper are a flowthrough of the ratings of the Province of Québec (the Province; rated AA (low) and R-1 (middle) with Stable trends by DBRS Morningstar).
- Paul Le Bane
- Travis Shaw
Québec, Province of: Rating Report
On July 31, 2020, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Long-Term Debt rating of the Province of Québec (Québec or the Province) 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), resp...
- Brenda Lum
- Paul Le Bane
- Travis Shaw
- Aditi Joshi
- Paul Le Bane
- Travis Shaw
- Shawn Shangguan
- Tom Li
Hydro-Québec: Rating Report
On November 12, 2019, DBRS Limited (DBRS Morningstar) upgraded the Guaranteed Long-Term Debt rating of Hydro-Québec (the Company) to AA (low) from A (high) and changed the trend to Stable from Positive. DBRS Morningstar also confirmed the Commercial Paper (CP) rating at R-1 (middle) with a Stable trend. The ratings assigned to the Company are a flow-through of the ratings of the Province of Québec (the Province; rated AA (low) and R-1 (middle) with Stable trends by DBRS Morningstar). The Provi...
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