On Oct. 10, 2008, Standard&Poor's Ratings Services affirmed its 'AAA' long-term issuer credit and senior unsecured debt ratings on the Province of Alberta. We also affirmed the 'AAA' rating on the guaranteed debt outstanding of the Alberta Capital Finance Authority and Alberta Treasury Branch Financial. The outlook is stable. The ratings on Alberta reflect: The province's continuing strong budgetary performances for more than a decade, punctuated by larger-than-expected surpluses in the past five fiscal years; An extremely low net tax-supported debt burden compared with that of similarly rated domestic and international peers. Alberta's net tax-supported debt as a share of GDP rose slightly to 10.6% in fiscal 2008 (year ended March 31) from 9.3% in the previous fiscal
