A second bond rating agency has held the provincial government’s credit rating steady.

Standard & Poor’s has maintained the province’s credit rating at ‘A’ and has revised its outlook up from negative to stable. S&P is the second agency to maintain the credit rating after the Dominion Bond Rating Service did so last week.

“We are pleased that S&P has confirmed our credit ratings and revised our outlook from negative to stable, and that DBRS has also confirmed our ratings,” Finance Minister Cathy Bennett said in a statement. “These results confirm that our fiscal plan is on the right track, however, we know there is much more work to be done to reduce expenditures. As a government, we remain focused on our fiscal plan and to return to surplus in 2022-23. We recognize the challenges that remain and will continue to take the actions necessary to meet our financial targets.”