Lest We Forget
CNBC Asia interviewed Michael live to discuss BC's Renminbi bond issue. The Province of BC is the first foreign government to issue bonds into the Chinese Renminbi market, opening doors to new investors and raising British Columbia's profile in the Asia Pacific.
B.C.'s finance minister says fiscal discipline and relatively low and affordable debt is behind the reconfirmation of the province's AA-high credit rating from the Dominion Bond Rating Service.
Mike de Jong says the rating isn't just confirming B.C.'s top rating among the provinces, but affirms the balanced approach the Liberal government is taking.
The service's report says B.C. uses conservative assumptions and modest contingencies in its budgets, helping establish a track record of fiscal management.
The report also says B.C. residents and businesses benefit from one of the most competitive tax systems in Canada and the provincial fiscal recovery plan remains on track.
Moody's and Standard and Poor's credit rating agencies also confirmed B.C.'s AAA credit ratings earlier this year.Read More
VICTORIA - British Columbia's finance minister is trumpeting the province's AAA credit rating by Moody's investors.
Mike de Jong says it's a sign of the government's reputation for prudent fiscal management.
He notes a report by Moody's Investors says the rating has enabled the province to reduce its debt burden to a level that is below the median of Canadian provinces.
De Jong says the Moody's assessment concludes that B.C.'s debt remains manageable during the current low interest-rate environment.
He says the rating comes after the province paid down debt during years of budget surpluses.
De Jong says the AAA rating follows the first quarterly report issued on Sept. 10, and confirms that B.C. is headed for a balanced budget.