We expect the Province of Alberta to post a record budget deficit this fiscal year, with the subsequent pace of fiscal recovery contingent on the evolution of the pandemic and oil prices, as well as the province's policy response. We are revising the outlook to negative from stable and affirming our long-term issuer credit and senior unsecured debt ratings on Alberta at 'A+'. The negative outlook reflects heightened risk that a protracted pandemic disruption or oil price contraction could, depending on the policy response, lead to persistently high deficits over the next several years. On May 28, 2020, S&P Global Ratings revised its outlook on the Province of Alberta to negative from stable. At the same time, S&P Global Ratings
