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Ottawa, March 28, 1995
1995-028
Minister Responds to DBRS Rating Action
Finance Minister Paul Martin today noted that the Dominion Bond Rating Service (DBRS) has affirmed the credit rating of all of the Government of Canada's debt. However, he regretted their decision to place a negative outlook on the ratings.
"The main concern of DBRS is our heavy indebtedness," the Minister said. "But I am pleased that their report recognizes that we have demonstrated the political will to tackle our debt problem in a meaningful way, and that good headway was made in the Budget."
The Minister added that the February 27 Budget contained deep and permanent structural reforms that will help the government reach its interim deficit target of 3 per cent of GDP in 1996-97.
"For the first time since the late 1940s, the budget reduces the level of program spending. Using prudent assumptions the deficit will reach $24.3 billion in 1996-97; the debt-to- GDP ratio will decline for only the second time in two decades," Mr. Martin said.
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For further information:
Suzanne McKellips
Financial Markets Division
(613) 992-5259
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| Last Updated: 2002-11-26 |
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