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    For the first time in 12 years Newfoundland and Labrador gets a better credit rating

    Friday, 18 August 2023 16:00

    By Tonya Organ

    DBRS Morningstar has upgraded the Provincial Government’s long-term debt to A from A (low), and changed the trend on all long-term ratings to stable.

    Good news today for the province’s credit rating. DBRS Morningstar has upgraded the Provincial Government’s long-term debt to A from A (low), and changed the trend on all long-term ratings to stable. This is the first time in 12 years that the province has received an upgraded credit rating, and demonstrates that our financial situation is moving in the right direction. The ratings upgrade reflects Newfoundland and Labrador's improving fiscal outlook, along with the commissioning and operations of the Muskrat Falls Project. Finance Minister Siobhan Coady says factors included rate mitigation, a much improved fiscal outlook, and an expected improvement in real GDP growth in 2023 - unlike the rest of Canada - primarily because of increased mineral production and higher capital investment.

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