VANCOUVER, B.C. The Canadian Taxpayers Federation is calling on Premier David Eby to cut government spending, as Moody’s and S&P Global both slap B.C. with credit rating downgrades.  

“Eby’s runaway spending has led to another round of credit rating downgrades,” said Carson Binda, B.C. Director for the Canadian Taxpayers Federation. “The provincial government is borrowing billions with no plans to pay the money back and now credit rating downgrades are going to push up interest charges.” 

Moody’s Ratings downgraded B.C. from AA1 to AA2, while S&P Global downgraded B.C. from AA- to A+. 

Moodys cited a “weakening in governance,” and “entrenched deficits,” as reasons for its downgrade of B.C.’s credit rating. 

Meanwhile, S&P Global warns that “the province’s commitment to fiscal discipline and stability has wavered,” while also pointing out a “structural imbalance between B.C.’s revenues and expenditures.” 

“Eby needs to put down the taxpayer credit card and start looking for real savings for British Columbia taxpayers,” said Binda. “The province keeps spending more and more money and that’s leading to unsustainable borrowing.”

The Eby government is planning to increase the province’s debt by $23.6 billion in 2025-26. By the end of the fiscal year, British Columbians will owe the equivalent of $27,500 each on the provincial debt. 

-30-