FREDERICTON – The provincial finance minister is pointing the finger across the floor of the legislature on word that Standard and Poor’s Rating Services is downgrading the province’s credit rating from AA-minus to A-plus.

Blaine Higgs says the debt built up by the former Liberal government can’t be erased overnight.

Opposition finance critic Donald Arseneault says the Conservatives need to share in the blame because the Standard and Poor’s report is also based on what’s happening now.

It blames the increasing costs of managing the province’s $10-billion debt for the downgrade.

The rating agency expects the debt burden to begin to fall if the government achieves its goal of balanced budgets by 2014.

Higgs says the government is trying to take a sustainable and balanced approach on cost-cutting, but could be more aggressive.