Canada Loses Pristine AAA Credit Rating by Fitch

Posted on 06/24/2020

Fitch Ratings Inc. lowered Canada’s credit rating from AAA to AA+. Fitch Ratings expects Justin Trudeau administration’s COVID-19 response measures to increase Canada’s debt to 115.1% of gross domestic product (GDP) in 2020, an increase from 88.3% in 2019. Fitch Ratings does see Canada’s debt-to-GDP ratio stabilizing over the medium term horizon.

In March 2019, before the pandemic, Fitch warned the public about high levels of debt at Canada’s federal and provincial levels.

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