U.S. bond rating agency S&P Global has boosted Quebec's credit rating to AA- -- helping the province surpass neighbouring Ontario for the first time.

The agency says over the next couple of years it expects Quebec to keep its budget in the black and its debt ratios in decline thanks to strict cost controls, growing tax revenues and prudent fiscal policies.

Quebec Finance Minister Carlos Leitao tells The Canadian Press his province hasn't reached this level with S&P, which was formally known as Standard and Poor's, since 1993.

Overall, he says this is also the province's first credit upgrade from any ratings agency since 2006 and it pushes Quebec past Ontario for the first time.

The increase bumped up Quebec's rating from A+.

Leitao credits the province's budgetary management in recent years for the upgrade and the fact the economy has had a good performance in key areas like job creation.

"This is very good news for Quebec," said Leitao, who added the change will lower the province's debt-service charges.