Wednesday, June 24, 2020

"Canada Loses Its AAA Rating"

Reporting live from the scene, South Park:
And from ZeroHedge:
Fitch Ratings has downgraded Canada's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'AA+' from 'AAA' (outlook stable) citing the deterioration of Canada’s public finances resulting from the pandemic.
The nation is expected to run a bigger general govt deficit this year and emerge from recession with “much higher public debt ratios”
“The higher deficit is largely driven by public spending to counteract a sharp fall in output as parts of the economy were shuttered to contain the spread of the coronavirus”
The headline extended the losses on the loonie...

Oh, CanadAA+...

We have more video of the devastation coming in from Ottawa (or is this Toronto?):

Definitely not West Pender Street in Vancouver.