When B.C.’s finance minister tabled a budget last month with record-breaking deficit and debt levels, she was asked if the sea of red ink drowning her fiscal plan would lead to a downgrade in the province’s credit levels.

“I won't make a guess on credit rating,” Brenda Bailey told the budget audience March 4. “But what I will say is that we are working closely with the credit rating agencies.”

Not closely enough, it would appear, as two of the biggest agencies boomeranged back this week with strong denunciations of the NDP government’s lack of fiscal discipline.

“The increase in deficits and rising debt largely stems from provincial policy choices, which we view as evidence of a continued weakening in governance and fiscal and debt management, from high standings,” wrote Moody’s Ratings, which chopped B.C. down from an aa1 to aa2 rating.

“We view this as a notable departure from the province's historical approach of budgeting that focused on limiting the growth in debt or protecting its fiscal position,” Moody’s said. “The lack of clarity by the government on a path back to balance further weakens fiscal management.”

S&P Global had similar concerns:

"We believe that the province's commitment to fiscal discipline and stability has wavered in recent years as B.C. has materially increased its spending for both operations and capital investment to unparalleled level,” wrote S&P, which dropped its rating from AA- to A , marking the fourth downgrade........

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