Take stock – July 29

Moody’s Investor Services is renewing Canada’s debt rating at triple-A, the highest possible.

Canada maintains Triple-A credit rating

TORONTO — Moody’s Investor Services is renewing Canada’s debt rating at triple-A, the highest possible.

The firm said the AAA rating was warranted due to the country’s high degree of economic resiliency, efforts by Ottawa and the provinces to deal with their debt ratios over the coming years and other factors.

Moody’s says the state of Canada’s housing market and Quebec’s sovereignty issues do pose some risk, but the risks are low.

The housing market also poses some risk because many mortgages are insured by a federal Crown corporation. But Moody’s says it considers a major downturn of the housing market as unlikely and, even in an extreme case, Ottawa’s extra costs would be relatively small.

Similarly, Quebec’s sovereignty movement doesn’t seem to pose a significant risk since the issue doesn’t appear high on the political agenda.


Certain M&M meat shops brand sorbet products recalled

OTTAWA — The Canadian Food Inspection Agency is warning people with milk allergies not to consume certain M&M Meat Shops brand sorbet products.

The agency says they may contain milk which is not declared on the label.

The affected products were sold in 700 millilitre containers and include Limbo Lemon Sorbet and Mango Fandango Sorbet.

The products have been sold across Canada and there has been one reported allergic reaction associated with them.

Consumption of these products may cause a serious or life-threatening reaction in people with milk allergies. The manufacturer, Dorgel Limited of Woodbridge, Ont., is voluntarily recalling the affected products.

— The Canadian Press