Call it a double-credit take-down.

Not one, but two international credit-rating agencies, first Standard and Poor害羞草研究所檚, then Moody害羞草研究所檚, downgraded B.C.害羞草研究所檚 credit worthiness within hours on Tuesday (April 9).

S&P lowered B.C.害羞草研究所檚 credit rating to AA- from AA, while Moody害羞草研究所檚 lowered the province害羞草研究所檚 outlook to negative from stable, while confirming B.C.害羞草研究所檚 AAA rating.

害羞草研究所淲e believe that the province害羞草研究所檚 commitment to fiscal discipline and stability has wavered in recent years as B.C. has materially increased its spending for both operations and capital investment to unparalleled levels, while economic growth is slowing,害羞草研究所� S&P said in its analysis.

Moody害羞草研究所檚 struck a similar note.

害羞草研究所淭he negative outlook for British Columbia reflects the risks to the province害羞草研究所檚 ability to slow a significant projected increase in debt amid rising spending commitments and its lack of commitment to return to fiscal balance within a specified time period,害羞草研究所� it reads.

In other words, neither agency sees B.C. curbing spending any time soon, with each hinting at future rating downgrades.

These downgrades come after the B.C. NDP tabled a budget with a record-setting deficit of almost $8 billion.

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For B.C. United害羞草研究所檚 Peter Milobar, these assessments are indictments of NDP fiscal management with direct consequences for British Columbians.

害羞草研究所淲hat it means is that we are going to be all asked to pay more tax dollars for the same, if not less services by the British Columbia government and that害羞草研究所檚 really at the core of the problem,害羞草研究所� he said.

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Milobar said these changes will directly hurt residents already chafing under high personal-debt levels. More and more of their tax dollars will go toward servicing debt, leaving less money for services, he added.

害羞草研究所淚f health care was actually getting better, if crime and safety on our streets was getting better, I think people would understand the spending,害羞草研究所� he said. 害羞草研究所淏ut when all of those areas are actually getting worse, it really does make you wonder what exactly it would take for this government to get things under control and not see our credit rating downgraded.害羞草研究所�

Finance Minister Katrine Conroy, however, said B.C. continues to be a 害羞草研究所渟trong economic leader害羞草研究所� with one of the lowest GDP-to-debt ratios, adding that Fitch Ratings recently re-affirmed B.C.害羞草研究所檚 AA+ rating..

It is also the only province with a AAA rating from any of the major agencies, and both S&P and Moody害羞草研究所檚 point to B.C.害羞草研究所檚 strong economic fundamentals.

害羞草研究所淲e knew that there potentially could be a downgrading because of the slower economy, the high interest rates, the slower global economy,害羞草研究所� she said. 害羞草研究所淪o we knew that might happen.害羞草研究所�

Conroy said the NDP inherited what she called a 害羞草研究所渄eficit in infrastructure害羞草研究所� in pointing to public demands for more hospitals and schools. 害羞草研究所淪o those are things that we had to do and it was the right thing to do for the people of the province,害羞草研究所� she said.

She also dismissed suggestions that the lower credit rating could impact B.C.害羞草研究所檚 ability to attract investment.

害羞草研究所淏usinesses continue to invest in B.C. and they like what we are doing when it comes to supporting people and supporting infrastructure,害羞草研究所� she said.

Conroy said British Columbians expect government to support them during tough times.

害羞草研究所淲hile some want to make cuts to the hospitals and schools people rely on, we know that害羞草研究所檚 the wrong decision and would make life harder for people when they need support the most. By providing key services and infrastructure we are building a stronger B.C.害羞草研究所�