Canada welcomes Moody's maintaining Canada's AAA credit rating

Canada welcomed the latest report by rating agency Moody's, which maintains Canada's AAA credit rating, a senior Canadian official said Monday.

Moody's latest report once again proves the strength and stability of Canada's economic and fiscal environment, Canadian Finance Minister Joe Oliver said.

"With a solid foundation and a return to balanced budgets in 2015, our Economic Action Plan will keep taxes low for Canadians while supporting the fundamental drivers of job creation and economic growth," Oliver said.

According to Moody's report, Canada's AAA rating and stable outlook continue to be supported by the country's relatively solid economic performance, favorable trends in federal government finance and debt levels, and strong institutional and regulatory framework.

In 2013, Canada leapt from the sixth to the second place in Bloomberg' s ranking of the most attractive destinations for business, ahead of all other G-20 countries in the ranking.

For the seventh year in a row, the World Economic Forum rated Canada's banking system as the world's soundest.

The Economic Action Plan was introduced to respond to the global recession, which promotes trade by supporting the flow of goods and services, and investing in trade zone policies and programs.