It does with Fitch. That's the point. They're the ones obsessed with gross government debt (the others use the net numbers). The US owes 21% more of GDP than Canada, yet they keep a AAA. Canada is in no more danger of default than the US.
Ratings are subjective that is why there are so many and they don’t agree. Fitch is concerned with Canada’s ability to maintain and support that level of borrowing. So am I.
When Harper borrowed 55 billion During the financial crisis in 09/10, the world was coming to an end. Trudeau borrows five times that in 2020 and it’s no big deal. It is a big deal.
Actually it is more like seven times 09/10.
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