Ottawa, August 16, 2012
2012-091

Archived - Moody’s Supports Canada’s Triple-A Rating and Praises Canada for Its Economic Performance and Financial Position

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The Honourable Jim Flaherty, Minister of Finance, issued the following statement, in response to Moody’s Investors Service’s annual report, which today reaffirmed Canada's top credit rating:

“We are very pleased that Moody’s reaffirmed Canada’s top credit rating and praised Canada’s fiscal position, when compared to most other top-rated sovereigns. Moody’s has recognized Canada’s economic resilience as demonstrated by our high per capita income, our growing economy, a competitive manufacturing sector, and a secure financial sector.

“Thanks to prudent fiscal and economic decisions made by our Government before the recession hit in 2008–2009, Canada’s economic and fiscal health today is stronger than most other developed nations.

“The Canadian economy has achieved one of the best performances among the G-7. For example, Canada has recovered and exceeded all of the output and all of the jobs lost during the recession.

“Moreover, the independent International Monetary Fund has recently projected Canada will continue to be at the head of the pack among G-7 countries for economic growth in the years ahead.

“Our Government is focused on what matters to Canadians: creating jobs, promoting economic growth and securing long-term prosperity. Since July 2009, almost 736,000 net new jobs have been created—the strongest job growth among G-7 countries over the recovery. Virtually all jobs created since that time have been in full-time positions.

“Nevertheless, Canada is not immune to the ongoing economic weakness of our largest trading partners—the United States and Europe. As we have said all along, Canada’s economy will be impacted by the turbulent global economy and events outside our borders. That’s why our Government is working hard to implement Economic Action Plan 2012 to help create jobs and promote growth.

“Today’s report by international credit rating agency Moody’s is another sign that we’re on the right track for Canadians and Canada’s economy.”

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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