YELLOWKNIFE (JULY 25, 2016) - The Government of the Northwest Territories (GNWT) received confirmation of its Aa1 credit rating with a stable outlook from Moody’s Investor Services. With this latest confirmation, the GNWT has maintained this rating for a decade. The Aa1 rating is the second-highest rating available from Moody’s, who evaluated the credit strengths and challenges of the territory.
The confirmed rating demonstrates Moody’s confidence in the GNWT’s ability to successfully control expenditures so that the debt burden remains manageable. The GNWT’s continued adherence to the Fiscal Responsibility Policy has been fundamental in maintaining this rating for ten years.
Prudent and responsible fiscal management supported by a high credit rating will ensure the GNWT is able to deliver on its mandate commitments and the priorities of the 18th Legislative Assembly on behalf of the people of the NWT.
Quotes
“Having our credit rating re-affirmed after releasing the first budget of the 18th Assembly shows that we are on track with our fiscal strategy. It has taken a lot of hard work by past Assemblies to maintain the Aa1 rating and we intend to do our part to carry on the tradition in cooperation with Members of the Legislative Assembly while addressing flat revenue growth in the medium-term and making investments to reduce our growing infrastructure deficit to support the delivery of government programs and services.”
- Robert C. McLeod, Minister of Finance
Quick Facts
- Moody’s Investors Service first gave the NWT a credit rating of Aa3 in February 2005.
- The upgrade to Aa1 was in 2006.
- The highest possible credit rating issued by Moody’s is Aaa, one level above the GNWT’s.
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Media Contacts
Andrew Livingstone
Senior Cabinet Communications Advisor
Cabinet Communications
Government of the Northwest Territories
(867) 767-9140 ext. 11091
Andrew_livingstone@gov.nt.ca