Canada is one of only six countries in the world that still holds a perfect credit rating by the largest ratings agencies.
And while that’s good for Canada, it’s creating a problem for investors, as the amount of so-called “risk-free” assets have plummeted in the wake of the financial crisis and ensuing debt crisis that is still raging in Europe.
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The Town of Picture Butte will no longer be accepting credit card tax payments.
In a report to town council last week, Chief Administrative Officer Mike Derricott, said in an average month the town pays about $175 in fees to allow residents to make utility payments using their credit cards. During tax time the fee jumps up as high as $2,000.
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The sovereign credit rating of the U.S. will be cut as “fiscal theater” plays out in the world’s biggest economy, according to Pacific Investment Management Co., which runs the world’s largest bond fund.
“The U.S. will get downgraded, it’s a question of when,” Scott Mather, Pimco’s head of global portfolio management, said today in Wellington. “It depends on what the end of the year looks like, but it could be fairly soon after that.”
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More than one in eight adult Canadians will declare bankruptcy or negotiate a debt settlement – consumer proposal – with creditors. That’s a lot of people with devastated credit.
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Canada’s financial sector fought a losing battle to stop the national banking regulator from restricting the amount that homeowners can borrow on a home equity line of credit, documents obtained by The Globe and Mail show.
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