Fitch rates Quebec notes AA-

Fitch Ratings said it assigned an AA- long-term rating to the Province of Quebec's global series QK notes due Aug. 25, 2021.

Fitch affirmed the AA- rating on the province's long-term debt and F1+ rating on its short-term debt as well as the F1+ commercial paper rating and AA- local-currency long-term rating.

The outlook is stable.

The ratings consider that debt levels are high and are expected to grow in the near term due to the impact of the recent 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 and the economy is large and diverse, the agency said.

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