Prince Edward Island's provincial credit rating has been maintained at Aa2.

Credit-rating agency Moody's confirmed the rating along with a stable outlook.

"We are pleased that we have maintained our bond rating during these challenging economic times when other jurisdictions have had their ratings downgraded," said Finance Minister Allen Roach in a release.

Moody's said the province's Aa2 (stable) rating reflects "a high degree of fiscal flexibility with revenues supported by sizable federal transfers and strong debt management practices that has ensured debt servicing remains manageable."

The credit rating agency added while the province has carried budget deficits for the last several years, the report states that "recent deficits have been modest, with financing requirements having little impact on the province's debt levels."

The worldwide scale for rating long-term bonds ranges from Aaa to C. Only bonds rated Aaa or Aa1 are valued higher than Prince Edward Island's Aa2 classification.

Reports on bond ratings from DBRS and Standard & Poors are expected to be released soon.