Canada is part of the highly select club of 10 countries that hold AAA sovereign credit ratings from both S&P and Moody’s, a mark of outstanding fiscal credibility and near-zero default risk. However, it has not always been the case. Canada only regained its pristine credit rating in the early 2000s, after losing it in the early 1990s due to persistent, sizable fiscal deficits and ballooning debt levels. 

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