December 19, 2007
For immediate release
Improved Credit Rating for Province of Prince Edward Island from Standard and Poor's
“This is a very positive development for taxpayers,” Mr. Sheridan said. “The better rating reflects a growing confidence in government’s fiscal performance and the economy as a whole.”
This week, Standard and Poor’s changed the Province’s credit rating on long-term borrowing from A stable to A positive. The higher the grade, the less it costs for PEI to borrow from capital markets. Standard and Poor’s is a global leader in credit ratings and credit risk analysis.
In its statement, Standard and Poor’s wrote: “On December 19, 2007, Standard & Poor's Ratings Services revised its outlook on the Province of Prince Edward Island to positive from stable, based on the province's strengthening financial results and solid economic performances.”
“This improved rating lets the world know that Prince Edward Island is moving forward and growing a reputation as a place to invest,” Mr. Sheridan said.
“Since taking office, we have been changing toward a more accountable government, one that invests in Islanders, while developing a forward-thinking plan for the future. The improved rating is an acknowledgment that we are on the right track.”