Manitoba's credit downgraded

POSTED: 2014-08-18 13:42:52

A credit rating agency has downgraded its outlook for the Manitoba government due to the province's ongoing deficits.

Moody's Investor Services has changed its outlook for the provincial government from stable to negative.

The agency says the province will be challenged to meet its target to balance the budget by the 2016-17 fiscal year.

It also says the province's debt-to-revenue ratio is growing to an expected 150 per cent in 2016.

The agency has maintained the province's credit rating at Aa1, but cautions there will be downward pressure on the figure if the debt continues to climb.

The NDP government has been running deficits since 2009, and has blamed high costs related to flooding and a sluggish world economy

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