Mr. Speaker, yesterday the president of Moody's, a New York bond rating agency, stated the following: "The Quebec election is not a factor to be analyzed in reviewing Canada's credit rating". The president of Moody's acknowledged that Canada's credit rating was being closely monitored because of the country's financial situation and high debt levels. The outcome of the current review could prove costly in terms of high interest rates. In fact, since the Liberal government brought down its first budget, the gap between Canadian and American interest rates has widened considerably. The markets are reacting this way because foreign investors are worried about the lack of concrete deficit reduction measures in the first Liberal budget. These comments from the president of Moody's confirm that the recent volatility of the market is due to the sorry state of public finances, not to the political situation in Canada.