The ratings on the Province of Alberta reflect what Standard&Poor's Ratings Services considers to be the following positive factors: The province's liquidity levels are very positive, especially relative to those of peers, thanks to large holdings of cash and temporary investments. At fiscal year-end 2011 (March 31), Alberta had cash and temporary investments of C$27 billion, excluding equity holdings of C$14 billion. The province also has strong access to Canada's well-developed capital markets in our view. We believe liquidity ratios are strong: the ratio of free cash, liquid assets, and committed facilities to the next 12 months' debt service was more than about 8,000%. Alberta's debt burden has remained low-to-moderate in our view, despite the recession's effect on
