We are affirming our ratings, including our 'AAA' long-term issuer credit rating, 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 view of Alberta's strong economic results in 2011 and prospects for 2012 and 2013, very strong liquidity levels, moderate burden of tax-supported debt, and support from the Canadian federal system. The stable outlook reflects our expectations that the province's tax-supported debt burden will remain moderate (below 60% of operating revenues), cash and temporary investment holdings will remain very strong, and both real GDP and employment will increase more than 2% annually in the next two years. On Oct. 2,
