Fitch affirms Quebec

Fitch Ratings said it affirmed the AA- long-term foreign- and local-currency ratings on the Province of Quebec's medium-term note program.

The outlook is stable.

The rating affirmation is in conjunction with the increase in the aggregate maximum outstanding amount under the program to C$49 billion from C$41 billion, the agency said.

Fitch also affirmed the F1+ short-term issuer rating, AA- long-term issuer rating, F1+ short-term commercial paper and AA- senior debt.

The ratings consider that debt levels are high and are growing due to the impact of the recession on the province's finances; the province has a demonstrated commitment to achieving fiscal equilibrium and reducing its debt burden; continued fiscal flexibility in the form of conservative revenue forecasting, tax rate flexibility and targeted spending reductions are enabling the province to stay on track toward fiscal balance in fiscal 2014; and the economy is large and diverse and has returned to solid growth after recessionary slowing, the agency said.

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