In good news for small business and mid-sized business owners, Moody’s Investors Service has confirmed British Columbia’s Aaa credit rating. This is primarily due to the province’s diverse economy and its strong fiscal management. The bond credit rating company has also published a stable outlook for the company. The news was announced by Finance Minister Michael de Jong.
Mr. de Jong said that the highest possible credit rating received by British Columbia proves that the province is on the right track. He added that the provincial government was controlling spending, diversifying markets for goods, and attracting investments. Mr. de Jong believes these elements will keep bringing opportunities that will create jobs and aid economic growth to help pay for education, health and social welfare programs for residents of the province.
The Aaa stable rating is the highest credit rating given by Moody’s. The company stated that the rating reflected the strong and diverse economy of the province, its efficient fiscal management, and the immense flexibility the province demonstrates in accommodating expenditure and revenue pressures. Moody’s went on to state that these positive factors had helped British Columbia to balance its budget quicker than other Canadian provinces.
Moody’s also mentioned that the province’s debt affordability was manageable and that its credit rating could be attributed to its large and diverse economy with lower taxes compared to other Canadian provinces.
While around three quarters of exports from Canada go to the United States, just half of British Columbia’s exports go there. The province focuses on the diversification of its markets and sectors, and this has safeguarded its economy from any trading partner-specific shocks.
Mr. de Jong reiterated that British Columbia stands out among other Canadian provinces as an economic leader, adding that the economic growth that the province had achieved is due to the enterprising ingenuity and innovativeness of British Columbians.
The highest possible credit rating from Moody’s and the economic growth of British Columbia makes it the perfect destination for small business owners. However, it can be helpful for entrepreneurs to arm themselves with an MBA degree. The UCW MBA degree teaches prospective small business owners and entrepreneurs the art of innovative decision-making, working with diverse teams in a global and multi-cultural environment, and thinking out of the box to ensure their organizations succeed even in competitive markets. UCW’s MBA graduates are well positioned to become effective leaders in the workplace.