Despite a tough spring budget, the government of Saskatchewan has maintained the highest credit rating possible from a major rating agency.

Moody's Investors Service has confirmed the province's Aaa credit rating. British Columbia is the only other province to have the rating right now. 

"Saskatchewan's Aaa rating benefits from very strong debt affordability," read the report. "Saskatchewan's fiscal planning is supported by comprehensive and transparent financial reporting," 

Premier Brad Wall said the province's recent austerity budget was an important factor in the rating.

"Of course, a credit rating doesn't mean everything, but it is an indicator of the fiscal plan and the management of a government and the financial health of a province," Wall told reporters. "It's an indicator, I think, that what we're doing is working." 

In June, credit agency Standard and Poor's downgraded Saskatchewan to a double-A ranking. The agency noted weakened budget performance and growing debt thanks to low oil, natural gas and potash prices.

Credit ratings are important as they can affect how much a government pays to borrow money.