BC Election: Results Still Pending, Yet the Balance of Power Now Lies With the Greens

After a dramatic shift in the political landscape of British Columbia and a fiercely competitive election race, the October 19, 2024, general elections held in the Province of British Columbia's (BC or the Province; rated AA (high), Stable) have so far produced no definitive winner.

-- With the NDP and Conservatives ridings so closely tied, the Greens now hold the balance of power.
-- While the Greens have remained steadfast in their support for the carbon tax, any party they choose to ally with will need to address the growing dissatisfaction among voters related to affordability concerns and discontent around the carbon tax.
-- No matter which way the tides turn and which party forms the government over the coming week as vote counts are finalized, party platforms of all three vying parties indicate substantially higher deficit forecasts with debt accumulation expected to continue and further strain budgetary flexibility over the medium term.

"It remains uncertain which campaign promises will ultimately be enacted," notes Apurva Khandeparker, Assistant Vice President, Global Sovereign Ratings. "However, if there is sustained deterioration in operating results and continued debt accumulation it could put downward pressure on the ratings."