June 25, 2020 / 2:50 PM / 10 days ago

Canada's pandemic spending necessary, Trudeau says in response to Fitch rating cut

OTTAWA, June 25 (Reuters) - Canada’s emergency spending to help the country bridge the downturn caused by the COVID-19 pandemic was needed to lay the groundwork for a recovery, Prime Minister Justin Trudeau said on Thursday in response to Fitch’s downgrade of its rating.

Fitch cut Canada’s rating to “AA+” from “AAA” on Wednesday, making it the first time since August 2004 that the ratings agency did not give Canada top marks.

Reporting by Steve Scherer

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