The ratings on the Province of Alberta reflect: The province's extremely low debt burden compared with both Canadian and international peers and the additional declines in net tax-supported debt as a share of GDP in fiscal 2004 (year ended March 31). The provincial government's conservative and prudent budgetary management that seeks to preserve Alberta's strong financial performance even as revenues remain potentially volatile due to its heavy reliance on the energy sector. Alberta's implementation of significant changes to its fiscal framework, which included the creation of a Fiscal Sustainability Fund and the Capital Account, aimed at mitigating the effects of this volatility on its budgetary balance. The strong liquidity position afforded by the province's large HSTF assets. The provincial economy's
