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NEW YORK — Fitch Ratings has affirmed Canada’s triple-A credit rating and says the outlook is stable.

The New York-based global ratings agency, in a report issued Tuesday, said its assessment was based, among other factors, on Canada’s political stability and track record of prudent fiscal management.

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Meanwhile, it says the country’s gross and net general government debt of 88.9% and 84.4% respectively of GDP for 2013 remains “well above the AAA median.”

Federal Finance Minister Joe Oliver, commenting on the report Wednesday, said the rating shows that Canada is “an island of stability in an uncertain global economy.”

“I am pleased that Fitch Ratings confirmed our government’s triple-A credit rating, with a stable outlook,” Oliver said, adding the country’s prudent fiscal management is “underpinned by our commitment to return to balanced budgets next year.”

Fitch said that while Canada’s public debt is forecast to decline and will stay within the tolerance of an ’AAA’ rating under Fitch’s baseline projections, “the high debt burden highlights its more limited fiscal space compared with rating peers.”