News Release

October 25, 2000
Edmonton, Alberta

"Albertans have told us that debt payment and prudent fiscal management are vitally important to them. We’ve listened and today we are seeing the fruits of our labour with this announcement by Moody’s Investors Services."

Provincial Treasurer Steve West

Moody's puts Alberta on notice for major debt rating upgrade

Alberta’s position as Canada’s fiscal leader got even stronger today when the province was put under review for an upgrade to Triple A by one of North America’s leading bond rating agencies.

Moody’s Investors Services announced that it will be reviewing Alberta’s current Aa1 domestic currency rating with a view to increasing it to Aaa. The Aa1 ranking, which came with a "positive outlook for future ratings," is already the highest among provinces. And with the upgrade, Alberta’s credit rating would be higher than the federal government’s.

"This is a strong endorsement of Alberta’s solid fiscal track record," said Provincial Treasurer Steve West. "Moody’s has recognized the job we’ve done in reducing the debt and getting spending under control."

In its own news release, Moody’s said, "The review is prompted by the improvement in the province’s fiscal position and debt profile."

The review is expected to take about three months to complete. All four major rating services have Alberta ranked as the top province in Canada. Moody’s is not reviewing Alberta’s Aa1 foreign currency debt rating at this time because it’s at the same level as the federal government. A province can’t be ranked higher than Canada when it comes to foreign debt.

The rating ensures Alberta the lowest borrowing costs and sends a signal to businesses and investors that our province is among the most competitive in the world.

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