Quebec now more creditworthy than Ontario

Congenital liar

Standard & Poor’s decision to boost Quebec’s credit rating last week has an important symbolic consequence for neighbouring Ontario. The move, which raised Quebec’s credit rating from A+ to AA-, means that for the first time ever, Quebec’s credit rating ranks higher than Ontario’s.

For decades, Quebec held a dubious reputation for poor fiscal management, while until the early 1990s Ontario held a reputation for successful fiscal management. So again, the recent upgrade of Quebec’s credit rating — above that held by Ontario — is a remarkable development.