Alberta credit rating cut after confirming $10.3B deficit, $42B debt
EDMONTON – Alberta has been hit with another credit downgrade one day after it confirmed it remains on track for a $10.3-billion budget deficit this year.
The credit rating agency DBRS say it has downgraded Alberta’s long-term debt rating to AA from AA (high) and has adjusted or maintained other ratings indicators on a negative trend.
The agency said the downgrade reflects the high operating deficits and Alberta’s rapidly accumulating debt, which is pegged to surpass $42 billion by the spring.
It’s one of a number of credit downgrades or warnings that have resulted from the province’s fiscal direction under Premier Rachel Notley’s NDP since 2015.