Fitch Ratings, Moody's and S&P Global Ratings are the three credit rating organizations approved by the U.S. Securities and Exchange Commission to provide financial information for regulatory purposes. Fitch last confirmed Canada's rating in July of last year. S&P Global Ratings last confirmed Canada's rating in November of last year, while Moody's last confirmation came in May of this year. Poilievre also said that Canada could face further credit rating downgrades in the future if it can't get its finances under control. Fitch's rating shift evokes memories of the early 1990s, when major rating agencies slashed Canada's credit rating in response to its deficit — which was, at the time, one of the highest among G7 countries.

Source: CBC News June 24, 2020 18:07 UTC