Fitch affirms Quebec

Fitch Ratings said it affirmed the AA- long-term and F1+ short-term ratings on senior unsecured obligations of the Province of Quebec.

The ratings affirmed also include Quebec's senior unsecured debt at AA-, local-currency long-term rating at AA-, long-term issuer rating at AA-, short-term issuer rating at F1+ and short-term commercial-paper rating at F1+.

Fitch also said it affirms the AA- long-term and F1+ short-term ratings on senior unsecured debt of Financement-Quebec, in conjunction with the increase in the aggregate maximum outstanding amount under its medium term note program to C$22 billion from C$18 billion, including its senior unsecured debt at AA-, local-currency long-term rating at AA-, long-term issuer rating at AA- and short-term issuer rating at F1+.

The outlook is stable.

The ratings reflect the province's high debt, which is growing as the province progresses on a multi-year plan to return to fiscal balance, the agency said.

Debt management is strong and centralized, Fitch said, and the province maintains ample access to liquidity for both operations and debt service requirements.

The ratings also reflect its commitment to achieving fiscal equilibrium with continuing progress returning to balance since the recession, the agency said.

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