Standard & Poor’s reaffirmed its Double-A-plus mark for Alberta today, solidifying the province’s hold on the top credit rating in Canada.

Standard & Poor’s -- one of the financial industry’s major rating agencies -- issued a news release this morning that praised Alberta’s fiscal planning and management practices. The release said: "Thanks to its well-established prudent budget management, which makes allowance for the inevitable variability of its revenue forecast, Alberta delivered its fifth straight overall surplus."

Standard & Poor’s went on to say: "A solid fiscal performance in 1999…was delivered despite the prevailing weakness through the year in oil prices. A decade ago, oil prices that averaged near the US$13.73 per barrel experienced in 1998-1999 would have certainly resulted in severe revenue weakness in Alberta."

Alberta also enjoys the top rating from other major rating agencies. Provincial Treasurer Stockwell Day said the high marks are important for two reasons. First, they show Alberta’s fiscal game plan is working. Second, the credit rating is important because it ensures Alberta will continue to enjoy the lowest cost of borrowing.