On Sept. 19, 2007, 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 extremely low debt burden compared with that of similarly rated domestic and international peers. Alberta's net tax-supported debt as a share of GDP declined to 0.6% in fiscal 2007 (year ended March 31) and should decline further in the medium term. The province's net financial liabilities (defined as net tax-supported debt plus unfunded liabilities) as a percent of total revenues is also
