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Canada might want to ignore recent criticism about the work of credit ratings agencies.

In a glowing report released Thursday, Moody’s Investors Service says Canada’s triple-A rating is supported by the country’s economic performance and government financial position that have held up to the effects of the global recession “better than most other top-rated sovereigns.”

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Furthermore, Moody’s says in the annual report out of the New York, “Canada did not experience a financial crisis such as the one that affected the U.S. and a number of European countries.”

The ratings agency notes that the recession did reverse an earlier improvement in debt ratios, but reasons that they are improving and did not deteriorate as much as in most other triple-A-rated countries.

On the housing market, which, along with high household debt, is raising concerns in some quarters, Moody’s “considers risk … to be manageable in terms of its potential effect on federal finances.”