B.C. maintains AAA credit rating

In the wake of B.C.'s HST referendum, ratings agency Standard & Poor's has affirmed the province's AAA credit standing.

Finance Minister Kevin Falcon announced the news Sunday, citing strong investor confidence and roughly $4-billion in debt reduction over the last three years as contributing factors.

Standard & Poor's report notes the province's "good cash and investment balances coupled with solid access to capital markets."

B.C. has received seven credit rating upgrades since 2004, according to the Liberal government. It was upgraded to AAA by Standard and Poor's in May 2007, the same month Dominion Bond Rating Service upgraded the province to AA.

Moody's Investors Service upgraded B.C. to AAA in October 2006.