Moody's Downgrades New Brunswick BCA

Moody's downgraded New Brunswick’s baseline credit assessment to aa3 from aa2, shifting outlook to negative.
Province projects a CAD1.4 billion deficit (9.8% of revenue) in 2026‑27 and CAD1.3 billion deficits in the next two years.
Moody's expects debt burden to exceed 180% by 2028, up from 139% in 2024, and interest costs to reach 7.4%.
Concerns include NB Power’s nuclear plant reliability, high rate hikes, US tariff‑related trade uncertainty and slower population growth from immigration policy.