The ratings on the Province of Alberta reflect the very strong economic and fiscal performance and favorable fiscal policies prevailing in Alberta, which are leading to very rapid debt reduction. The province's net tax-supported debt, which was 8.1% of GDP as of March 31, 2000, is expected to fall to about 4.2% of GDP at March 31, 2001, the lowest of all Canadian provinces, and approaching the lowest of all Standard&Poor's-rated regional governments internationally. Continued debt reduction is anticipated near term, and although the pace of debt reduction is highly dependent on revenue, a minimum amount of nominal debt reduction is budgeted for annually, as specified by law. This budget law, and government policy, makes future deficits, and
