On January 19, Moody’s Investors Service affirmed British Columbia’s AAA bond rating with only a few cautions.

 

One of Moody’s concerns is the increasing debt burden of Site C:

At the heart of the matter is a simple error in finance theory by the BC government. BC Hydro is a wholly owned subsidiary of the province. It will spend at least $10.7 billion dollars by 2024 on Site C. These dollars are financed (many have already been financed) by provincially backed debt. Moody’s is concerned about the rising level of debt. Citizens of British Columbia are concerned about the additional $8 billion that the government plans to spend on an asset which could be replaced for $4 billion using renewables such as wind, solar and geothermal. READ MORE

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