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Public finances: Quebec still holds high esteem, despite pandemic turmoil

Public finances: Quebec still holds high esteem, despite pandemic turmoil

Despite the strong turmoil caused by the pandemic, rating agencies affirmed the credit rating with a “stable outlook,” Legault’s government rejoiced on Monday.

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The agencies confirmed that Quebec entered the crisis by occupying an “appropriate economic and financial position,” as Finance Minister Eric Girard noted.

He added that the diversified economy of the province and the commitment of the Legault government to return to a balanced budget were taken into account.

“The recognition by the rating agencies of the credit quality of Quebec confirms the seriousness of our plan to revive the economy and restore budget balance once full employment is restored,” he said in a press release. It must be said again and again that Quebec has major assets and is a preferred place to invest.”

According to its most recent budget, submitted last March, Quebec should return to full employment in 2022, regain full economic potential in 2025, and then return to balanced budgets in 2027-28.

Moody’s rated Quebec at AA2, Standard & Poor’s, Fitch Ratings at AA-, Japan’s credit rating agency at AA+ and finally DBRS Morningstar at AA (low).

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