Call it a double-credit take-down.

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

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

含羞草研究社淲e believe that the province含羞草研究社檚 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,含羞草研究社� S&P said in its analysis.

Moody含羞草研究社檚 struck a similar note.

含羞草研究社淭he negative outlook for British Columbia reflects the risks to the province含羞草研究社檚 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,含羞草研究社� 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.

RELATED: BUDGET 2024: B.C. runs record deficit of almost $8B, focuses on temporary relief

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

含羞草研究社淲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含羞草研究社檚 really at the core of the problem,含羞草研究社� he said.

RELATED:

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.

含羞草研究社淚f health care was actually getting better, if crime and safety on our streets was getting better, I think people would understand the spending,含羞草研究社� he said. 含羞草研究社淏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.含羞草研究社�

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

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

含羞草研究社淲e knew that there potentially could be a downgrading because of the slower economy, the high interest rates, the slower global economy,含羞草研究社� she said. 含羞草研究社淪o we knew that might happen.含羞草研究社�

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

She also dismissed suggestions that the lower credit rating could impact B.C.含羞草研究社檚 ability to attract investment.

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

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

含羞草研究社淲hile some want to make cuts to the hospitals and schools people rely on, we know that含羞草研究社檚 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.含羞草研究社�