S&P: Quebec view to positive

S&P said it revised the outlook on the province of Quebec to positive from stable.

The agency also said it affirmed the province’s A+ long-term and A-1+ short-term issuer credit ratings.

S&P also said it affirmed the A+ senior unsecured debt ratings on Hydro-Quebec and Financement-Quebec.

The outlook revision reflects the possibility that Quebec can sustain the low rates of consolidated expenditure growth it previously achieved while erasing its budget deficit, allowing it to start running after-capital account surpluses and lowering its debt metrics in the next two years, the agency said.

Quebec has staged a significant improvement in its budget performance, which is assessed as strong, S&P said.

The province also is expecting another balanced budget in fiscal 2017, putting it with British Columbia and Nova Scotia as the only Canadian provinces to do so, the agency said.

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