06/08/2012 07:49 EDT | Updated 08/08/2012 05:12 EDT

Dominion Bond Rating Service says Nova Scotia's economic outlook looks positive

HALIFAX - Nova Scotia has received some good news from a credit rating agency.

The Dominion Bond Rating Service has upgraded the province's outlook from stable to positive while reaffirming the province's A rating.

The agency says the province has succeeded in restraining spending growth and meeting fiscal targets.

Finance Minister Maureen MacDonald issued a statement Friday saying the improved outlook reflects "optimism for the future."

MacDonald also noted that the Standard and Poor's rating agency confirmed the province's A-plus rating on June 4 with a stable outlook.

Earlier in the day, Standard and Poor's downgraded New Brunswick's credit rating because of rising costs associated with the province's $10-billion debt.