OVERVIEW We are affirming our 'AAA' long-term issuer credit and senior unsecured debt ratings on the Province of Alberta. We are also affirming our 'AAA' senior unsecured debt ratings on Alberta Capital Finance Authority and Alberta Treasury Branch Financial. The affirmation reflects our favorable view of the province's wealthy and growing economy, "very positive" financial management and liquidity levels, and above-average budgetary flexibility. The stable outlook reflects our expectations that cash and temporary investment holdings will remain very strong in the next two years, operating surpluses will improve in fiscal years 2014 and 2015, real GDP will increase close to 3% annually over our two-year outlook horizon, and the tax-supported debt burden will not increase materially beyond the 80% of
