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VICTORIA – The credit rating on B.C.’s debt has been downgraded to AAA-negative from AAA-stable by Moody’s Investors Service because of a softening economy and weaker commodity prices.

The change follows the release of the province’s second quarterly financial report last month by Finance Minister Mike de Jong, who reported the province’s annual deficit was projected to reach $1.47 billion, up from an earlier forecast of $1.1 billion.