NEW YORK — British Columbia's credit rating has been downgraded by S&P due to concerns that big spending by the government could lead to 'outsized' deficits and lower internal liquidity levels.
NEW YORK — British Columbia's credit rating has been downgraded by S&P due to concerns that big spending by the government could lead to "outsized" deficits and lower internal liquidity levels.
Another global ratings agency, Moody’s Investors Service, separately revised its outlook for B.C. to negative on Tuesday. It says the province's commitment to fiscal discipline and stability have "wavered" recently as B.C. increases spending on operations and capital investment to what S&P calls "unparalleled levels" amid slowing growth.
“Each downgrade under the NDP brings higher taxes and tighter budgets for British Columbians. The result is higher costs for loans, as David Eby’s policies drain our wallets," he says, calling the downgrades "a wake-up call."
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