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Canadian Provinces Face Tough Choices In Restoring Fiscal Balance Apr 11
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
More than 27 months into the global economic recovery, Canadian provinces appear to have weathered the storm, the macroeconomic environment is slowly improving, and the country's economy appears positioned for stronger growth. Arguably, the global economic crisis has had a profound impact on government finances of rated local and regional governments (LRGs) worldwide. In the aftermath of the recession, many LRGs have posted large operating and after-capital deficits, alongside a general deterioration in revenues and a significant step-up in spending for infrastructure, as most LRGs implemented fiscal stimulus measures in an effort to stem what they perceived at the time as a slide into the worst depression since the 1930s. Similarly, Canadian provinces were not immune to the effects of...
Companies mentioned in this report are: New Brunswick,British Columbia (Province of),Newfoundland and Labrador (Province of),Nova Scotia (Province of),Ontario (Province of),Quebec (Province of),Saskatchewan (Province of),Alberta (Province of),Manitoba (Province of),Prince Edward Island (Province of),Yukon (Territory of)
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