S&P affirms Quebec

Standard & Poor's said it affirmed the A+ long-term and A-1+ short-term issuer credit ratings on the Province of Quebec.

S&P also said it affirmed the A+ senior unsecured debt rating on Financement Quebec and Hydro-Quebec, the provincially owned and guaranteed electric utility.

The outlook is stable.

The ratings reflect a view of the province's prospects for achieving a balanced budget by fiscal 2014 and its commitment to debt reduction in the medium- to long-term, S&P said.

The ratings also consider Quebec's good economic growth prospects in the next two years, adequate liquidity levels and support from the federal government, the agency said.

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