S&P affirms Nova Scotia

Standard & Poor's said it affirmed the A+ long-term issuer credit and senior debt ratings and A-1+ short-term issuer credit rating on Nova Scotia.

The outlook is stable.

The ratings on Nova Scotia reflect the view that the recession did not hit Nova Scotia's economy as hard as most other provincial economies, the agency said.

The ratings consider Nova Scotia's significant after-capital deficit of 8% of total revenues in fiscal 2010, the agency said.

The stable outlook reflects the expectation that Nova Scotia's revenue and spending initiatives will strengthen operating surpluses and lead to balanced after-capital results in the next five years, the agency added.

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