Despite lower economic growth and oil prices, we expect the Province of Alberta's financial performance to remain comparatively strong relative to that of peers, with reduced operating surpluses now leading to manageable after-capital deficits and some increase in debt. Upcoming debt maturities are largely covered by prefunding efforts, and strong market access mitigates potential liquidity pressure arising from after-capital deficits. As a result, S&P Global Ratings affirmed its 'AA-' long-term issuer credit and senior unsecured debt ratings on Alberta. We also affirmed our 'A-1+' short-term issuer credit rating on the province. The stable outlook reflects our expectation that solid financial management will maintain small operating surpluses and modest after-capital deficits despite an uncertain economic backdrop. On May 8, 2025, S&P
