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January 19, Moody's Investors Service affirmed British Columbia's AAA bond rating with only


One of Moody's concerns is the increasing debt burden of Site C:

"Further, BC Hydro’s debt is expected to continue to rise over the next several years as the utility moves forward with the construction of the Site C hydroelectric dam with a recently revised cost estimate in excess of CAD10 billion (revised from the previous CAD8.3 billion). With the provincial government’s recent decision to move ahead with the construction of the project, the anticipated increase in debt continues to pressure the province’s rating since it increases the Province’s contingent liability." - Moody's Investors Service

It should be noted that this comes in direct conflict with Deputy Minister of Finance Lori Wanamaker's claim that Site C cannot be replaced by less expensive and less risky alternatives since it might threaten BC's AAA bond rating:

"BC Hydro’s plan is to significantly reduce the balances in its non-Site C regulatory accounts over the near term. Adding nearly $4 billion of sunk and termination/remediation costs for Site C recovered over the longer term (with no revenue producing assets to show for it) would exacerbate that plan and highlight increased risk of credit rating erosion by rating agencies."

- Lori Wanamaker, Deputy Minister of Finance