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  • Winnipeg Tribune

Province Gets A+ Credit Rating

Friday, May 26, 2023 - Good news for the Provincial Government leading into an election, a leading international credit agency gave the Manitoba PC Government an A+ credit rating.

S&P Global Ratings A+ credit rating for Manitoba reflects the government’s commitment to fiscal stability while also providing historic support to Manitobans affected by a challenging economy.

“Manitobans should feel reassured by this report, knowing that the Manitoba government is taking the stable, measured approach that is needed to weather the current economic climate,” said Cliff Cullen, Minister of Finance. “We know there are challenges and pressures facing individuals, and our province as a whole, but this independent review shows that we are on the right path forward.”

In its report this month, S&P notes the province’s credit profile reflects the province’s well-diversified economy, strong financial management and legislated deficit reduction policy. The outlook was tempered by the effects of high inflation and Manitoba’s debt burden.

In a challenging global economy, the report shows the strength of the Manitoba government’s approach to fiscal management and the power of a diverse, stable economy, the minister said, adding that the report noted that healthy economic growth over the next two years should allow government to sharpen its focus on fiscal sustainability.

The report also highlighted that income and education tax cuts may improve the Manitoba’s competitiveness with other provinces, the minister noted.

“In talking to people across the province, I have heard first-hand how much Manitobans have suffered from the burden of rising costs due to inflation and the cost-shock of the federally-imposed carbon tax,” said Cullen. “Our government responded with Budget 2023, which offers historic help for Manitobans when they need it most.”

The S&P report indicated that the Manitoba government’s approach to financial management remains strong, with detailed, well-established policies related to debt and liquidity management and deficit reduction.


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