Call it a double-credit take-down.

Not one, but two international credit-rating agencies, first Standard and Poor鈥檚, then Moody鈥檚, downgraded B.C.鈥檚 credit worthiness within hours on Tuesday (April 9).

S&P lowered B.C.鈥檚 credit rating to AA- from AA, while Moody鈥檚 lowered the province鈥檚 outlook to negative from stable, while confirming B.C.鈥檚 AAA rating.

鈥淲e believe that the province鈥檚 commitment to fiscal discipline and stability has wavered in recent years as B.C. has materially increased its spending for both operations and capital investment to unparalleled levels, while economic growth is slowing,鈥� S&P said in its analysis.

Moody鈥檚 struck a similar note.

鈥淭he negative outlook for British Columbia reflects the risks to the province鈥檚 ability to slow a significant projected increase in debt amid rising spending commitments and its lack of commitment to return to fiscal balance within a specified time period,鈥� it reads.

In other words, neither agency sees B.C. curbing spending any time soon, with each hinting at future rating downgrades.

These downgrades come after the B.C. NDP tabled a budget with a record-setting deficit of almost $8 billion.

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For B.C. United鈥檚 Peter Milobar, these assessments are indictments of NDP fiscal management with direct consequences for British Columbians.

鈥淲hat it means is that we are going to be all asked to pay more tax dollars for the same, if not less services by the British Columbia government and that鈥檚 really at the core of the problem,鈥� he said.

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Milobar said these changes will directly hurt residents already chafing under high personal-debt levels. More and more of their tax dollars will go toward servicing debt, leaving less money for services, he added.

鈥淚f health care was actually getting better, if crime and safety on our streets was getting better, I think people would understand the spending,鈥� he said. 鈥淏ut when all of those areas are actually getting worse, it really does make you wonder what exactly it would take for this government to get things under control and not see our credit rating downgraded.鈥�

Finance Minister Katrine Conroy, however, said B.C. continues to be a 鈥渟trong economic leader鈥� with one of the lowest GDP-to-debt ratios, adding that Fitch Ratings recently re-affirmed B.C.鈥檚 AA+ rating..

It is also the only province with a AAA rating from any of the major agencies, and both S&P and Moody鈥檚 point to B.C.鈥檚 strong economic fundamentals.

鈥淲e knew that there potentially could be a downgrading because of the slower economy, the high interest rates, the slower global economy,鈥� she said. 鈥淪o we knew that might happen.鈥�

Conroy said the NDP inherited what she called a 鈥渄eficit in infrastructure鈥� in pointing to public demands for more hospitals and schools. 鈥淪o those are things that we had to do and it was the right thing to do for the people of the province,鈥� she said.

She also dismissed suggestions that the lower credit rating could impact B.C.鈥檚 ability to attract investment.

鈥淏usinesses continue to invest in B.C. and they like what we are doing when it comes to supporting people and supporting infrastructure,鈥� she said.

Conroy said British Columbians expect government to support them during tough times.

鈥淲hile some want to make cuts to the hospitals and schools people rely on, we know that鈥檚 the wrong decision and would make life harder for people when they need support the most. By providing key services and infrastructure we are building a stronger B.C.鈥�