As a result of the government’s responsible fiscal management, Canada continues to have an enviable fiscal and debt position relative to international peers. Canada is projected to have the lowest net debt-to-GDP ratio and is expected to have some of the strongest fiscal outcomes of G7 countries over the next five years. Rating agencies cite Canada's effective, stable, and predictable policymaking and political institutions, economic resilience and diversity, well-regulated financial markets, and its monetary and fiscal flexibility as drivers of Canada’s world-leading credit ratings: Moody’s (Aaa), S&P (AAA), DBRS (AAA), and Fitch (AA+).