Strong economic results in 2011, with robust growth projected for 2012 and 2013 Very positive liquidity levels Moderate burden of tax-supported debt Revenue support from the federal government After-capital spending deficit likely for fiscal 2013 The ratings on the Province of Alberta reflect what Standard&Poor's Ratings Services considers to be the following positive factors: We believe 2011 was a good year for the Alberta economy. Real GDP rose about 5.2% and nominal GDP about 9.0%, outpacing the national increases of 2.5% and 5.9%, respectively. The economy's recovery from the recession is virtually complete: Real and nominal GDP returned to prerecession levels in 2011 and employment surpassed its prerecession peak. Labor market results were also strong for 2011. Employment
