This report supplements our research update "Province of Alberta 'AAA' Ratings Affirmed On Continued Exceptional Liquidity And Very Strong Economic Growth," published Dec. 18, 2014. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on the Province of Alberta reflect Standard&Poor's Ratings Services' view of Alberta's exceptional liquidity, very strong economic growth, high per capita income levels in 2013, very strong financial management, and strong budgetary performances and flexibility. The ratings also reflect our view of the "very predictable and well-balanced" institutional framework for Canadian provinces and low
