The ratings on the Province of Alberta reflect: The province's continuing strong budgetary performances for more than a decade, punctuated by larger-than-expected surpluses in the past five fiscal years; An extremely low net tax-supported debt burden compared with that of similarly rated domestic and international peers. Alberta's net tax-supported debt as a share of GDP rose slightly to 10.6% in fiscal 2008 (year ended March 31) from 9.3% in the previous fiscal year, and should remain relatively flat in the medium term. Its net financial liabilities (defined as net tax-supported debt plus unfunded liabilities) as a percent of total revenues is also very low compared with that of global peers; The province's strong net creditor status. Its substantial fixed-income and
