Newspaper article The Canadian Press

Alberta's Credit Rating Cut after Confirming $10.3B Deficit, $42B Debt

Newspaper article The Canadian Press

Alberta's Credit Rating Cut after Confirming $10.3B Deficit, $42B Debt

Article excerpt

Alberta gets another credit downgrade

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EDMONTON - Alberta has been hit with another credit downgrade one day after it confirmed it remains on track for a $10.3-billion budget deficit this year.

The credit rating agency DBRS say it has downgraded Alberta's long-term debt rating to AA from AA (high) and has adjusted or maintained other ratings indicators on a negative trend.

The agency said the downgrade reflects the high operating deficits and Alberta's rapidly accumulating debt, which is pegged to surpass $42 billion by the spring.

It's one of a number of credit downgrades or warnings that have resulted from the province's fiscal direction under Premier Rachel Notley's NDP since 2015.

Although the economy has been hammered by low oil prices, Notley's government says it makes sense in the short term to take on debt to catch up on long-delayed infrastructure projects. …

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