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Finance Minister Eric Girard celebrated on Twitter today, for what he proclaimed to be a milestone in Quebec’s credit rating.
According to Girard, the DBRS Morningstar global credit rating agency officially upgraded Quebec’s rating from A (high), where it has remained since 2006, to AA (low), thus raising La Belle Province’s economic outlook from stable to positive.
“Excellent news! The rating agency DBRS raises Quebec’s credit rating to AA “low.” A first for Quebec! The agency highlights the remarkable performance of the Québec economy and the responsible management of public finances,” said Girard in a tweet translated by Google.
The announcement from Morningstar came on Tuesday, only days following the Coalition Avenir Quebec government (CAQ) government leader Premier Francois Legault unveiling of a provincial “economic update,” which will run a $4.8 billion surplus for the province until March 2020.
Quebec expects to run a $1.4 billion surplus at the end of this fiscal year, which according to Morningstar, puts the province in a good position, as the improved credit rating means Quebec will generally have lower borrowing costs for the province.