It's triple-A, the highest.
I'll read from the Fitch report, headlined “Fitch Affirms 'AAA' sovereign rating for Canada”: Fitch Ratings has affirmed its 'AAA' sovereign rating for Canada, noting that the government has demonstrated fiscal responsibility and has a plan to further reduce debt.The rating agency affirmed its rating on Canada with a stable outlook, saying that the ratings are supported by Canada's institutional and structural strengths, which are, in turn, underpinned by effective policies and a history of macroeconomic and social stability.
It also says:
Given the Conservative majority, which was awarded to a government running on a platform of fiscal austerity, Fitch expects Canada's fiscal conservatism to continue...gross general government debt is expected to decline as fiscal consolidation proceeds and GDP growth remains steady.
I think it's important to get on the record what Fitch, Moody's, and Standard & Poor's are actually saying about Canada and the government.
I do want to turn, however.... You were very critical in your presentation about our government's approach to science, so let me just read from another document. This is from the Association of Universities and Colleges of Canada: Canada's universities welcome the smart, strategic investments in research and innovation contained in today's federal budget. “In the face of tough fiscal choices, the government showed leadership by continuing its investments in research, innovation, research infrastructure and university-private sector collaborations,” says Stephen Toope, the chair of the Association of Universities and Colleges of Canada's board of directors and president of the University of British Columbia. “These investments will build a stronger future for our society and economy.” In a climate where...federal government departments are seeing reductions, the federal budget provides ongoing funding for research and innovation through [SSHRC, CIHR, and NSERC] to enhance their support of industry-academic research partnership programs.
It talks about an additional $500 million over five years for the Canada Foundation for Innovation. It talks about investments in Genome Canada and CANARIE, and investments in McMaster, in the lovely city of Hamilton.
Do you want to comment on the AUCC's comment on the last federal budget? It is saying exactly the opposite of what you're saying here today.