Another international credit rating agency has given the Canadian dollar top marks thanks to regular federal budget surpluses, debt reduction and healthy economic growth.

Fitch Ratings of New York upgraded its long-term rating of the Canadian currency to triple-A – its top investment grade – from double-A-plus on Thursday.

The agency said the recent federal election probably won’t change the country’s fiscal direction because during the campaign, the main parties all agreed on the importance of keeping the federal books in balance.

“With a minority Liberal government resulting from the June elections, it will prove more difficult to maintain fiscal discipline, but a return to the deficits of the early 1990s is not in the cards,” Roger Scher, managing director and head of Americas Sovereign Ratings at Fitch, said in a statement.

“The federal elections in June showed that Canada’s major political parties agree on maintaining budgets in balance, if not surplus,” added Scher.

That should guarantee the string of seven consecutive federal budget surpluses all recorded under previous Liberal administrations should continue, he said.

“Continued budget surpluses should underpin a strong national savings rate and declining general government debt and net external debt in GDP terms,” said Scher.

But he also cautioned that it won’t be as easy for Prime Minister Paul Martin’s minority government to completely control the fiscal framework.

“With a minority Liberal government resulting from the June elections, it will prove more difficult to maintain fiscal discipline, but a return to the deficits of the early 1990s is not in the cards,” he noted.

Finance Minister Ralph Goodale said he was “pleased” with the improved Fitch rating, which is in line with what other credit rating agencies have concluded.

“This rating is an acknowledgement of Canada’s fiscal achievements and commitment to debt reduction,” Goodale said in a statement.

Dominion Bond Rating Service, Moody’s Investors Services and Standard and Poors have all given Canada high credit ratings.