...The ratings on the Province of Alberta reflect Standard & Poor's Ratings Services' assessment of Alberta's exceptional liquidity, very strong financial management, still strong economy and budgetary flexibility, and low contingent liabilities. The ratings also reflect Standard & Poor's view of Alberta's now-average economic prospects resulting from low oil prices; projected weak budgetary performances in the next two years; and moderate, but rapidly rising, tax-supported debt burden. In addition, the ratings reflect our view of the very predictable and well-balanced institutional framework for Canadian provinces. We assess the provincial economy as strong despite the plunge in oil prices and declining real GDP that we expect for 2015. The concentration in the oil and gas industry tempers our assessment of the provincial economy. In 2014, the industry, which includes supporting activities, represented about 27% of real GDP and about 6% of employment. This exposure brings economic and fiscal...
