The rapid deterioration in B.C.’s finances since 2021 has drawn rising concern not only from taxpayers but from global credit rating agencies. Ratings agencies are yet to give their verdict on the 2025 Budget, but the news might not be good.

As recently as 2021, B.C. had one of the best fiscal positions of any province with a long track record of balanced budgets, low indebtedness and a AAA credit rating from S&P Global. Today, B.C. is running the largest deficit in the country relative to the size of its economy, has seen debt levels surge faster than any other comparable jurisdiction and seen repeated credit rating downgrades that raise the cost of borrowing.

S&P Global and Moody’s control around 80 per cent of the global ratings business. Ratings agencies assess credit worthiness, that is, a borrower’s ability to meet their financial obligations. Following last year’s budget, S&P downgraded B.C.’s credit rating for the third time in three years. It’s now AA-.

S&P’s commentary was clear, “We believe that the province’s commitment to fiscal discipline and stability has wavered in........

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