In March 2023, the Government of Yukon presented a robust, transparent capital plan outlining its commitment to grow and diversify the territory’s economy while ensuring the Yukon is a place that everyone can call home. Yesterday, S&P Global Ratings (S&P) affirmed the territory’s strong financial position, issuing an ‘AA Stable’ credit rating and stable outlook for the territory.
In assigning Canadian provincial and territorial ratings, S&P considers government finances, demographic trends and private sector economic performance. The stable outlook assigned by S&P reflects their expectation that the Yukon will continue to show strong economic growth in the next several years.
S&P also expects that the Yukon will keep its current fiscal performance for the next two years. The agency highlighted the Yukon’s predictable and supportive institutional framework and sound financial management.
This analysis demonstrates the Government of Yukon's ability to continue investing in transportation infrastructure, land development, social development, education and health. S&P also anticipates that the Yukon's debt will remain low compared to similar jurisdictions.
As a government, we are pleased to hear about the 2023 rating assessment from S&P Global Ratings. Economic growth and responsible financial management help support our investments in infrastructure, healthcare advancements and renewable energy. These investments will create a strong, resilient future for all Yukoners.
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.
2023 marks the 14th consecutive year in which S&P has maintained the Yukon’s AA credit rating.
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 Tuesday, July 25, 2023.