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Moody’s confirms N.L. credit rating; outlook remains negative

Finance Minister Cathy Bennett issued a statement Friday evening reacting to the news that some salaries published in the province's sunshine list should not have been released.
Finance Minister Cathy Bennett issued a statement Friday evening reacting to the news that some salaries published in the province's sunshine list should not have been released.

 Finance Minister Cathy Bennett says Moody’s Investors Service has affirmed Newfoundland and Labrador’s credit rating (long-term Aa3) and maintained a negative outlook.

Moody’s report indicates the province saw better than anticipated results in fiscal 2016-17 and a re-profiling of financing requirements suggests the province’s debt burden may stabilize over the medium term, Bennett said in a news release.

S & P recently confirmed the provincial government’s credit ratings (long-term A and short-term A-1) and revised outlook from negative to stable. The Dominion Bond Rating Service (DBRS) has also confirmed the province’s credit ratings (long-term A low) and short-term R-1 low) with a stable outlook.

 “While we are pleased that our credit rating with Moody’s has been affirmed, the negative outlook indicates there are more challenges to overcome and further actions to be taken in order to return to surplus in 2022-23,” Bennett said in the release.

 Overall the results of all three credit rating agencies support our current fiscal plan.”

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