Thursday, December 13, 2012

This Day In Snookland...Can We Get Rid Of The Rating Agencies Too?


"Who's going to protect the economy for families? ... I'm hopeful and confident they'll say, 'Christy's the one who will make sure my job is protected.' "

Clark said her focus on the economy is the reason that her government is spending $15 million on ads boasting about B.C. job growth — ads she insisted will continue despite criticism.

"People need to know British Columbia is stable and growing," she said.


Moody's Investors Service has revised the outlook on the Province of British Columbia's Aaa issuer and debt ratings to negative from stable, affecting approximately CAD39.8 billion in debt securities.

"The negative outlook reflects Moody's assessment of the risks to the province's ability to reverse the recent accumulation in debt with the softened economic outlook, weaker commodity prices and continued expense pressures," said Moody's Assistant Vice President Jennifer Wong, lead analyst for the province....

And yes, if you go and read the Moody's thing you will see that the budget update shenanigans factored into their decision.

But here's something kind of weird (that makes me wonder if the Moodsters really know what the heckfire their talking about)...They too were taken in by 'Little Mountain property sale deferral' gambit.


Does anybody else smell a set-up?

And apropos of absolutely everything....Did you all catch the (not)Premier referring to herself in the third person....Delusions of?



Anonymous said...

No mention of the multi billion crown corp debts either

cherylb said...

Hopeful and confident? A bit of an oxymoron, no?

cfvua said...

Natural gas prices are actually up, as Norm Farrell showed in a nice little graph a while back, which doesn't matter as the liberals decided long ago to give these out of province corporate raiders a pass on paying royalties.Then throws them generous subsidies. We are selling more gas than ever before. Other commodities like the bit of oil that BC produces are off a bit. Land sales for this year are lowest since 1998, barely breaking $140 Million.
Moody's ratings are questionable as they rate favorably when it suits them as seen previously. But like the banker says, No revenue=No credit.

RossK said...

good point Anon-at-the-top



Do you really think we need to use the 'oxy' prefix here?



What struck me was how superficial the analysis was. Essentially they just went through the 2nd quarter update press release from the Finance Ministry line-by-line.