Minority P.E.I. government pleased with improvement in bond rating

News source from CTV News

CHARLOTTETOWN — The minority Progressive Conservative government on Prince Edward Island has some positive economic news to boast about.

For the first time since 2000, the debt-rating agency DBRS has upgraded the province’s bond rating to A from A-low, while Moody’s maintained its rating of Aa2.

Finance Minister Darlene Compton says the bond ratings show the Island is on solid fiscal footing.

She says interest payments on provincial debt are the fifth highest budgetary expenditure, and an improved bond rating means lower interest rates on that debt.

The minority Tory government tabled its first budget in June — projecting a $1.8-million surplus.

DBRS noted the government is committed to maintaining balanced budgets.

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