S&P Global Ratings (S&P) has affirmed the Yukon’s strong financial position with an AA Stable credit rating and a stable outlook.
In assigning Canadian provincial and territorial ratings, S&P considers demographic trends, private sector economic performance and government finances. The stable outlook assigned by S&P reflects their expectation that the territory is well positioned for a strong economic recovery from the COVID-19 pandemic and that a growing mining sector will help support the territory’s Five-Year-Capital Plan. The agency also cited the Yukon’s predictable and supportive fiscal framework in their assessment.
S&P highlighted the Yukon’s strong history of financial management in producing solid and stable financial results for the territory.
This independent assessment shows that the Yukon’s strong relationship with the federal government will allow the Yukon government to continue its robust capital plan to invest in the territory’s transportation infrastructure, land development, social development, education and health. S&P expects the territory’s debt burden to remain very low, especially in comparison with other jurisdictions.
The Yukon Liberal government remains committed to sound fiscal management for the benefit of all Yukoners. We are making strategic investments in infrastructure, health care improvements, and renewable energy to build a brighter future for the territory. The Yukon continues to experience unprecedented GDP growth paired with the lowest unemployment rate in the country, and this rating assessment is another reflection of the territory’s strong fiscal position.
Premier and Minister of Finance Sandy Silver
S&P Global Ratings is a leading credit rating agency publishing global financial research, analysis and credit ratings.
S&P also maintained its AA issue-level rating on Yukon Development Corporation’s senior unsecured debt.
A credit rating can be assigned to an organization or jurisdiction. It assesses the ability of a borrower to repay loans generally or with respect to a particular debt or financial obligation.
The report was published on Wednesday, July 13, 2022.
Jacob Wilson
Cabinet Communications
867-332-7627
jacob.wilson@yukon.ca
Eric Clement
Communications, Finance
867-393-6482
eric.clement@yukon.ca