FREDERICTON (CNB) - New Brunswick continues to have the best overall credit rating of any province east of Ontario after Moody's Investors Service maintained its credit rating today at Aa2.

Finance Minister Greg Byrne said he was pleased with the credit analysis by Moody's, considering the fiscal challenges resulting from the global recession of 2008.

"As a government, we had to make some tough choices and also make some key investments, particularly in infrastructure, to keep New Brunswickers working and to improve roads, hospitals, schools and other facilities across the province," Byrne said.

Moody's noted that the rating, "reflects a high degree of fiscal flexibility and manageable debt levels within the current fiscal framework."

The agency said the province's outlook is stable and refers to the increase in debt as "manageable."

Byrne, who noted the recently released audited financial statements showed a smaller deficit than original forecast for 2009-10, said that the provincial government will continue toward returning to balanced budgets in the years ahead.

"Our province did better than many in weathering the economic tough times because of clear, decisive action," he said. "We understand that we have to keep spending in check, but we also understand that we have to grow the economy - and create jobs - to achieve self-sufficiency. That's exactly what we will do."

23-08-10