Consistently strong financial performances Low net tax-supported debt burden Strong liquidity position afforded by its Heritage Savings Trust Fund (HSTF) assets Strong concentration of Alberta's economy in the often volatile energy sector The ratings on the Province of Alberta reflect: The province's extremely low debt burden compared with both Canadian and international peers and the additional declines in net tax-supported debt as a share of GDP in fiscal 2004 (year ended March 31). The provincial government's conservative and prudent budgetary management that seeks to preserve Alberta's strong financial performance even as revenues remain potentially volatile due to its heavy reliance on the energy sector. Alberta's implementation of significant changes to its fiscal framework, which included the creation of a Fiscal
