Newsrelease

October 23, 1997
Edmonton, Alberta

"Alberta’s upgraded long-term debt rating to double-‘A’-plus from double ‘A’ is proof that the Klein government’s fiscally-responsible actions to balance budgets and aggressively work toward eliminating the net debt are appropriate"

AA+ rating puts Alberta ahead of other Canadian provinces

At double-A-plus, the Alberta government’s credit rating is the best among Canadian provinces.

Standard and Poor’s, a major debt-rating agency, announced the upgrade October 23, stating that the province’s rapid debt reduction in 1996 and 1997 and its extraordinary fiscal performance this year were the reasons for the rating upgrade.

"Having a reputable firm like Standard and Poor’s give Alberta the top-rating among Canadian provinces is a real feather in our cap," Day said, adding Alberta’s upgraded rating shows investors that the government is committed to fiscal responsibility.

Standard and Poor’s double-A-plus rating also means the Alberta government met it’s performance measure under the heading of "Provincial Credit Rating". In this area, the government’s target was "to achieve the highest credit rating amongst the provinces."

"We have achieved our goal and proved that we followed the right course when we got our fiscal house in order through maintaining a sustainable balanced budget, keeping expenses at an affordable level, and paying down the debt. We will continue to stay the course," Day said.

Alberta’s new rating ensures that we will continue to have the lowest cost of borrowing.

For more information, please contact:

Alberta Treasury
Trish Filevich
Director of Communications
Telephone (780) 427-5364 (Edmonton)
webmaster@treas.gov.ab.ca

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