Sask. receives best credit rating ever

Saskatchewan has the best credit rating in the province's history.

The bond rating agency Standard & Poor's has upgraded the province's credit to the highest level possible. It's the first time Saskatchewan has had a triple A rating.

Standard and Poor's said the upgrade was warranted because of "low and declining debt burden, rebounding economy, strong liquidity and moderate support from the federal government."

Finance Minister Ken Krawetz says Saskatchewan is the only province in the country to receive a credit upgrade this year.

The credit rating reflects the agency's opinion about the ability of the government to meet its financial obligations in full and on time.

Saskatchewan has benefited greatly in recent years from a growing oil industry and demand for potash, a key ingredient in fertilizer that is plentiful in the province.

S&P said all sectors in the province except for agriculture showed gains in 2010 with the mining and oil and gas sectors as the biggest gainers.

The Saskatchewan government says the upgrade should result in lower borrowing costs in the future. The province's debt stands at $3.81 billion, its lowest level since 1988.