The Province of Alberta's (local currency AAA/Stable/--; foreign currency AAA/Stable/A-1+) mixed first-quarter results (ended June 30, 2002) in the current fiscal year have no effect on Standard&Poor's Ratings Services' ratings or outlook on the province, and a still sizable revenue cushion remains intact for the rest of the year to cushion any unforeseen pressures. Higher-than-budgeted costs, coming in the wake of the bizarre weather conditions in past months that produced not only flooding in some regions but a devastating drought and forest fires elsewhere, exceeded the province's revenues, which also were greater than expected in this period. Revenue strength was extracted from the resource sector, where oil and natural gas prices have been tracking above the government's budget
