Standard & Poor's confirms Canada's AAA rating
WASHINGTON (AFP) - Standard & Poor's confirmed Canada's top-flight triple-A debt rating on Monday, citing its economic strength that can weather the problems of the US economy to which it is closely tied.
"In our view, Canada's chief credit strengths include the effectiveness, stability, and predictability of its policymaking and political institutions, the resilience of its economy, and the strength of its monetary and fiscal flexibility," S&P said.
The rating firm highlighted that during the recent global financial crisis and recession, no Canadian financial institution needed a government capital injection.
In almost every year of the 2007 to 2011 period, Canadian economic growth surpassed that of the neighbouring United States, the world's biggest economy, it said.