The ratings on the Province of Alberta reflect: The province's extremely low debt burden by both Canadian and international standards and expectations of further declines in net tax-supported debt as a share of GDP by fiscal 2005 (year ending March 31). The government's conservative and prudent budget management, which seeks to preserve Alberta's strong budgetary performance, even as revenues remain potentially volatile due to the province's heavy reliance on the energy sector. The province's implementation of significant changes to Alberta's fiscal framework, which include the creation of a fiscal Alberta Sustainability Fund and the Capital Account, aims to mitigate the effects of this volatility on the province's budgetary balance. The strong liquidity position afforded by the province's large Heritage Savings
