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. The affirmation reflects our favorable view of the province's exceptional liquidity, very strong economic growth, high per capita income levels in 2013, very strong financial management, and strong budgetary performances and flexibility. The stable outlook reflects our expectations that Alberta's tax-supported debt burden will remain moderate (below 120% of projected operating revenues) in the next two years, cash and liquidity will continue to be exceptional, after-capital results should continue to strengthen, and both real GDP and employment will increase more than 2% annually for 2014 and
