Newspaper article The Canadian Press

New Brunswick's New Finance Minister Takes Aim at Reducing Net Debt

Newspaper article The Canadian Press

New Brunswick's New Finance Minister Takes Aim at Reducing Net Debt

Article excerpt

Finance minister takes aim at net debt

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FREDERICTON - New Brunswick's new finance minister says that while the province's finances are improving, there needs to be a change in focus to start reducing the net debt.

Ernie Steeves released the second quarter financial results for 2018-2019 on Thursday -- his first since the Tory minority government took power last month.

He said the projected debt of $14.3 billion has almost doubled in the past decade, and warned that the province's credit rating is at risk of being downgraded unless spending decisions change.

"The spending decisions we make now will impact our children and our grandchildren. They deserve a legacy of financial security," Steeves said.

The Dominion Bond Rating Service downgraded the province's outlook from a stable to negative trend in February, while maintaining the rating of A (high). …

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