Moody’s Investors Service has confirmed the province’s triple-A credit rating, Finance Minister Colin Hansen announced Wednesday.

According to Moody’s credit report, “The province’s record of managing fiscal pressures and the significant debt reduction achieved in recent years has put British Columbia in a strong position to face current fiscal challenges.”

In September’s B.C. budget update, the province expects to accumulate $5.4 billion in operating budget deficits for the next three fiscal years. It projects a $2.8 billion deficit this year, $1.7 billion for 2010-2011 and $945 million in 2011-2012.

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