Credit-rating Service Confirms Current Provincial Rating

A major credit-rating agency has confirmed its current rating and outlook for the province of Nova Scotia.

Finance Minister Neil LeBlanc said he is pleased that the Dominion Bond Rating Service recognizes and supports the government's move to full and transparent accounting practices.

The news release from the rating service also recognizes the government's commitment to review all programs and services and to table a balanced budget for the year 2002-03.

"The rating report is a realistic assessment of the financial prospects for our province", said Mr. LeBlanc. "It recognizes our economic strengths and our competitive tax position in Atlantic Canada, as well as the significant fiscal challenges we face in the future."

The report reaffirmed both the current outlook, as well as the current rating on both long- and short-term debt for the province.