BC’s Credit Rating Downgraded by Moody’s Following Record Deficit Projection

B.C. Minister of Finance Brenda Bailey tables the provincial budget as Premier David Eby looks on in the assembly at legislature in Victoria on Feb. 17, 2026. The Canadian Press/Chad Hipolito

A global credit rating agency has downgraded British Columbia’s credit rating for the second time in two years after the province’s budget projected a record $13.3 billion deficit and rising debt in the coming fiscal year.

​​In a news release on March 19, Moody’s Ratings said it had lowered B.C.’s baseline credit assessment (BCA) from Aa2 to A1. A year ago in April, Moody’s had downgraded the province’s BCA from Aa1 to Aa2.