OTTAWA (Reuters) – Canada’s emergency spending to help the country bridge the downturn caused by the COVID-19 pandemic was needed to lay the groundwork for a recovery, Prime Minister Justin Trudeau said on Thursday in response to Fitch’s downgrade of its rating.
Fitch cut Canada’s rating to “AA+” from “AAA” on Wednesday, making it the first time since August 2004 that the ratings agency did not give Canada top marks.
(Reporting by Steve Scherer)
