BC’s Credit Rating Downgraded by S&P and Moody’s, Citing Deficit

Minister of Finance Brenda Bailey tables her first budget in the legislative assembly at legislature in Victoria, on March 4, 2025. The Canadian Press/Chad Hipolito

Credit rating agencies S&P and Moody’s have both downgraded British Columbia’s rating on the same day, citing the province’s ballooning deficit and the apparent lack of a plan to dig the province out of its fiscal hole.

S&P Global Ratings cut the province’s long-term issuer credit rating to A+ from AA- on Wednesday, while Moody’s Ratings downgraded its key baseline assessment to aa2 from aa1.