We have already begun to see the effects that Covid-19 has had on the global economy and Canada specifically. The government of Canada has done everything in their power to backstop the country in order to make this global pandemic as smooth as possible. The enormous amount of aid that the government has supplied has resulted in a much larger government deficit and higher public debt ratio. Thursday, Fitch Ratings downgraded Canada of its AAA rating to AA+, making it the first top-rated country to be downgraded. David Rosenberg said, "The question is what took so long. Canada’s excessively leveraged national balance sheet has looked a lot like China, Italy and Greece for quite a while." While Canada is making strides to help combat the virus and support the citizens and corporations of Canada, it is shown that is does come at a cost. Although Moody's and S&P still have it rated as AAA but only time will tell if that will last. 

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