pandemic passes.Fitch Ratings downgraded Canada’s triple-A credit rating in June, dropping the country to an “AA+” rating over what it called “the deterioration of Canada’s public finances” due to COVID-19.
Canadian banks cautiously optimistic on post-coronavirus economic recovery The decision came out before the Liberals released an updated outlook in early July for federal spending, which projected a deficit of $343.2 billion and a debt of over $1.2 trillion.Those figures were before the Liberals promised last week to spend $37 billion to revamp income support programs for hard-hit workers.Fitch says in a note that gross government debt will be 120 per cent of economic output, which is “significantly higher” than the median for a.