Canada’s AAA credit rating on the line as oil crash slams debt-loaded provinces [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Canada's AAA credit rating on the line as oil crash slams debt-loaded provinces Provinces are likely to need more assistance from the federal government — which could trigger a downgrade Canada’s stellar credit rating is being put to the test as the oil crash and recession expose the country’s weak link: its provinces. Among the Group of Seven countries, only Germany and Canada have AAA ratings from S&P Global Ratings. But as pressure rises on the government of Justin Trudeau to aid provinces and key industries, Canada’s fiscal position is looking shakier. Going into the COVID-19 crisis, Canada’s provincial governments had $853 billion (US$602 billion) of debt securities outstanding, more than the national government. They also shoulder most of the cost for health care and eduction. Several of them rely on energy revenues that are evaporating. Oil-rich Alberta released a budget in February based on West Texas Intermediate prices of US$58 a barrel. Its deficit projections crumbled with
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- 1/16/26 - Form 424B2
- 1/15/26 - Form FWP
- BAC's page on the SEC website