DBRS confirms Quebec

DBRS said it confirmed the long-term and short-term debt ratings of the Province of Quebec at A (high) and R-1 (middle), respectively.

The trends remain stable, reflective of the fiscal resolve of the province and the progress achieved in the implementation of its fiscal recovery plan, DBRS said.

Stronger-than-expected economic activity and sustained spending discipline helped Quebec better its budget projections in 2010-11 with a deficit of $4.2 billion, the agency said.

Operating spending remained under tight control while revenue benefited from real economic growth of 3% in 2010 and selective tax increases as part of Quebec's plan to restore balance by 2013 to 2014, DBRS said.

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