Alberta's projected deficits after capex over the next two years are among the highest of rated non-U.S. local and regional governments and, absent other measures, our expectation is that this will lead to further rapid growth in the province's debt burden. As a result, we are lowering our long-term issuer credit and senior unsecured debt ratings on Alberta two notches to 'A+' from 'AA' and affirming our short-term rating at 'A-1+'. We are also lowering our senior unsecured debt rating on Alberta's Crown Corporation, Alberta Capital Finance Authority, to 'A+' from 'AA'. The stable outlook reflects our expectations that Alberta will, on average, continue to post after-capital deficits of greater than 23% of total adjusted revenues in the next two
