Newspaper article The Canadian Press

Standard & Poor's Downgrades Alberta's Credit Rating, Cites Weak Budget, Debt

Newspaper article The Canadian Press

Standard & Poor's Downgrades Alberta's Credit Rating, Cites Weak Budget, Debt

Article excerpt

Alberta's credit rating takes another hit

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EDMONTON - Alberta's credit rating has been downgraded again.

Standard & Poor's has changed the province's rating from double-A-plus to double-A.

The company says the downgrade reflects what it calls "Alberta's very weak budgetary performance and high, increasing debt burden."

It also cites uncertainty about the province's willingness to take measures to improve its budget shortfalls within the next two years.

Last month, Moody's Investor Service and DBRS both downgraded Alberta's credit rating due to concerns about the province's debt after the NDP government introduced its budget.

Alberta's budget includes a $10.4-billion deficit this year.

"The one-notch downgrade reflects the impact of depressed oil prices on Alberta's important resource revenues, and the province's fiscal response that, so far, has not meaningfully counterbalanced this external shock," Standard & Poor's said in a report released Thursday. …

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