Winnipeg/IBNS: Manitoba has maintained its A+ credit rating in recent International credit rating agency S&P Global Ratings reflecting its commitment to fiscal stability, providing historic support to those affected by a challenging economy, Manitoba's Finance Minister Cliff Cullen announced in a news release.

“Manitobans should feel reassured by this report...We know there are challenges and pressures facing individuals...but this independent review shows that we are on the right path forward,” said Cullen

Manitoba’s well-diversified economy, strong financial management and legislated deficit reduction policy is reflected in its credit profile, noted S&P in its report, in spite of being tempered by the effects of high inflation and Manitoba’s debt burden.

The report highlighted healthy economic growth over the next two years to allow the government to sharpen its focus on fiscal sustainability and Manitoba’s competitiveness with other provinces may improve by the income and education tax cuts, Cullen noted.

According to the S&P report the Manitoba government’s approach to financial management remains strong, with detailed, well-established policies related to debt and liquidity management and deficit reduction.

“In talking to people across the province, I have heard first-hand how much Manitobans have suffered from the burden of rising costs due to inflation and the cost-shock of the federally-imposed carbon tax,” said Cullen. “Our government responded with Budget 2023, which offers historic help for Manitobans when they need it most.”

(Reporting by Asha Bajaj)