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GN’s strong credit rating renewed

27 February 2020

News Release

GN’s strong credit rating renewed

IQALUIT, Nunavut (February 27, 2020) – Credit rating agency DBRS Limited has assigned an issuer rating of AA (low) with a stable trend to the Government of Nunavut (GN). Finance Minister George Hickes released the GN’s proposed budget for 2020-21 on February 19, 2020.

“Receiving an AA rating reflects our government’s strong fiscal footing and economic growth potential,” said Minister Hickes. “Investments in the mining industry and strong population growth translate into a positive economic outlook for our territory.”

DBRS also points to the GN’s challenges – a small economy that is heavily influenced by a large public sector, a geographically remote and dispersed population, and socio-economic challenges including the territory’s high cost of living and housing shortages.

An issuer credit rating is an independent opinion about an organization’s ability and willingness to meet its financial obligations. This is the second rating DBRS has issued for the GN. For more information about DBRS Limited, visit www.dbrs.com.

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Media Contact:

Weichien Chan
Manager, Communications
Department of Finance
867-975-6818
FinanceComs@gov.nu.ca