The ratings on the Province of Alberta reflect Standard&Poor's Ratings Services' assessment of the following factors: A very low net tax-supported debt burden compared with that of similarly rated domestic and international peers. We expect Alberta's net tax-supported debt as a share of GDP to rise to 4.7% in fiscal 2011 (year ending March 31) from 4.0% in fiscal 2010. We also expect the province's net tax-supported debt burden to rise further to 5.0% as a share of GDP in fiscal 2012 before falling to 4.7% by fiscal 2013. The deterioration in the past three fiscal years reflects the impact of the recession and fiscal stimulus measures. Despite this, Alberta's net tax-supported debt burden as a percent of
