Very positive liquidity support Low-to-moderate tax-supported debt burden Provincial economy to grow robustly in 2011 and 2012 Supportive Canadian federal system Moderate after-capital spending deficits in fiscals 2009-2011 Substantial economic and fiscal exposure to oil and gas industry The ratings on the Province of Alberta reflect what Standard&Poor's Ratings Services considers to be the following positive factors: The province's liquidity levels are very positive, especially relative to those of peers, thanks to large holdings of cash and temporary investments. At fiscal year-end 2011 (March 31), Alberta had cash and temporary investments of C$27 billion, excluding equity holdings of C$14 billion. The province also has strong access to Canada's well-developed capital markets in our view. We believe liquidity ratios
