Covid-19's massive effects on government finances drive the rating cut
Efforts to combat the economic fallout are likely to weaken government finances
Early optimism has been dimmed by an array of downside risks
The rating agency forecast Canada's real GDP growth will be 1.6% next year
Trade standoff between the U.S. and China is worsening the slowdown in GDP growth
Despite budget challenges, the province can still absorb a moderate economic and revenue shock, the agency said
Canada’s credit rating is supported by its large and diverse economy and track record of fiscal adjustment
Global economic growth forecast to slow
Outlook stable
Short-term growth outlook is positive