We are affirming our ratings, including our 'AAA' long-term issuer credit rating, on the Province of Alberta. The affirmation reflects our favorable view of the province's very positive liquidity levels, moderate debt burden, economic comeback, and moderate support from the federal government. The province's cash and investment holdings stood at C$27 billion (excluding equity holdings of C$14 billion), easily exceeding its tax-supported debt. Although we expect some declines in liquidity levels in the next two fiscal years, we also expect them to remain very positive. The stable outlook reflects our expectations that the province's debt burden will continue to be moderate, liquidity levels will remain very positive, and after-capital results will improve with a strengthening economy. On Sept. 12, 2011,
