For the second time in just five months, Alberta’s credit rating has taken yet another tumble, as Standard & Poor’s reduced the province’s rating to ‘AA’ from ‘AA’-plus.
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.
Alberta’s budget includes a $10.4-billion deficit this year.
The province had a ‘AAA’ credit rating with most major organizations as of December of last year.