Canadian Press Story Wrong

A Canadian Press news report published and aired today in media outlets throughout Nova Scotia concerning the province's credit rating is false and misleading, Finance Minister Don Downe said today.

"Nova Scotia's credit rating is not presently subject to review or downgrade, nor are we on credit watch," said the minister.

In addition, comments attributed to the premier in the same article were never made by the premier, the minister said.

Mr. Downe said Dominion Bond Rating Service (DBRS), characterized in the CP story as "warning" that the province's credit rating could slip, has issued a statement to the province correcting that false impression.

"Doug Hirano of DBRS says, and I quote: A Canadian Press story today leaves the false impression that DBRS is considering down-grading Nova Scotia's credit rating. We have no such intention. We have provided no warning about the province, nor are there any plans to reassess Nova Scotia's credit or outlook other than through the regular course of business.'"

The minister said the problems with the CP story do not end with the misleading "spin" CP placed on the comments from the DBRS spokesman. The story also grossly misquotes Premier Russell MacLellan, as saying the deficit is nothing to worry about.

"What the premier said was that the deficit is cause for concern, but not cause for alarm. That is a far cry from what CP reports today."

The minister said, given that the provincial economy is growing and Nova Scotia is headed in the right direction, the province can recover a $108 million shortfall within a few years.

"For that and for other reasons, like the fact that spending on programs - the one cost government can and does control - is within one per cent of the budget estimate, there is no need for alarm, or for the kinds of drastic action that was called for in 1993."