Nunavut maintains AA credit rating from DBRS
Lightstone says rating means territory can meet its financial obligations
Nunavut maintained its AA credit rating from DBRS Morningstar, a sign the Government of Nunavut can meet its financial obligations, Finance Minister Adam Lightstone says. (File photo)
The Government of Nunavut has maintained its AA (low) credit rating, something Finance Minister Adam Lightstone says is a sign the territory has “effectively managed its fiscal performance” despite challenges, including COVID-19.
“The GN is well-positioned to address the fiscal priorities of our new government while also keeping our financial outlook stable,” Lightstone said in a Finance Department news release issued Tuesday.
The newly appointed finance minister was reacting to the credit rating assigned by DBRS Morningstar, a private company that offers independent credit ratings and evaluates governments’ ability to meet its financial obligations.
The DBRS report pointed to Nunavut’s stable government finances and low debt burden as strengths in its rating, the release states.
Challenges Nunavut faces include declining resource-sector activity and investment, housing shortages and a high cost of living, according to DBRS.
Thanks for underwriting our every expense, Ottawa!
Not Ottawa; hardwotking, sacrificing Canadians
I see your point, but if you zoom in you will see that the dispersal and distribution of those funds are decided upon by the federal government, not the nebulous mass of people you refer to as ” hardwotking” (sp) taxpayers. Granted, you are correct in that they are ultimately the source of that revenue.
Our pleasure Nunavut. Thanks for granting us sovereignty over a significant portion of our nation’s land mass.
How much did the GN pay DBRS for that rating?
It actually means that Nunavut has a steady and reliable transfer payment of $1,71 billion from the FED.
The article should note that this credit rating g is underwritten and co-signed by the Federal Government and the $1.85 BILLION that it has contributed. Without which Nunavut’s credit rating would be only marginally higher than junk bond status.