During a recent government meeting, officials discussed the implications of a significant downgrade by Moody's, which they acknowledged would have a substantial impact on interest rates. The downgrade, described as \"huge,\" raises concerns about the financial landscape moving forward.

One official highlighted the fortunate timing of the budget, noting that it was prepared prior to the downgrade. They emphasized that the majority of financing for a critical diversion project had already been secured, which mitigated potential risks. Had the downgrade occurred before these commitments were made, the situation could have been disastrous for the project and the budget overall.

The discussions underscored the importance of proactive financial planning in the face of external economic challenges, as officials prepare to navigate the consequences of the downgrade in future fiscal strategies.