News Column

Fitch Reaffirms Canada's Triple-A Rating

August 20, 2014



OTTAWA, Ontario, Aug. 20 -- The Department of Finance Canada issued the following news release:

Finance Minister Joe Oliver today welcomed news that Fitch Ratings has reaffirmed its triple-A rating of Canada, with a stable outlook.

Quick Facts

- The Canadian economy has posted one of the strongest job creation records in the Group of Seven (G-7) over the recovery, with more than 1.1 million jobs created since July 2009.

- Real gross domestic product is significantly above pre-recession levels--the best performance in the G-7.

- According to KPMG, Canada's total business tax costs are the lowest in the G-7 and 46% lower than those in the United States.

- Canada has weathered the economic storm well and the world has noticed:

- Both the International Monetary Fund and the Organisation for Economic Co-operation and Development expect Canada to be among the strongest growing economies in the G-7 over this year and next;

- For the sixth year in a row, the World Economic Forum rated Canada's banking system as the world's soundest; and

- In 2013, Canada leapt from sixth to second place in Bloomberg's ranking of the most attractive destinations for business.

- Three credit rating agencies--Moody's Investors Service, Fitch Ratings and Standard & Poor's--have reaffirmed their top ratings for Canada.

Quotes

"Today we are reminded that Canada is an island of stability in an uncertain global economy. I am pleased that Fitch Ratings confirmed our Government's triple-A credit rating, with a stable outlook. In Fitch's words, Canada has a 'good track record of prudent fiscal management', underpinned by our commitment to return to balanced budgets next year.

Though today's announcement builds confidence in Canada, we cannot be complacent. I urge provincial governments to follow our lead and adopt a fiscally prudent approach that leads to balanced budgets and ultimately jobs, growth and long-term prosperity."

- Joe Oliver, Minister of Finance

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Source: Targeted News Service


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