Report title: Quebec, Province of
from Moody's Global Credit Research
8 page (4956 word) report published Oct 31, 2005

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...The Province of Quebec s (A1, positive outlook) long-term re cord of achieving balanced or nearly balanced budgets has been maintained since 1997/98. Fiscal improvements ach ieved in the earlier part of this period were underpinned by conservative budgeting estimates and stronger than antic ipated revenue growth, while in recent years, progress has been supported by the exercise of expenditure controls and reductions in economic development activities. Quebec has also benefited from agreements with the federal government to post pone and phase-in scheduled reductions in equalization grants, increases in the CHST trust fund tr ansfer in 2003/04 and greater federal transfers in 2004/05. The ongoing wage negotiations have delayed wage adjustment s, providing some budget relief, albeit only temporary. Following small deficits--equivalent to -1.4% and -0.7% of revenues registered respectively in 2002/03 and 2003/04, due in part to losses experienced by SGF (an econom ic development agency),...

Report Type: Analysis
Issuer: Quebec, Province of
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