Credit rating upgrade: Minister Horner

President of Treasury Board and Minister of Finance Nate Horner issued the following statement on Alberta’s recent credit rating upgrade:

“We are pleased with DBRS Morningstar’s decision to upgrade Alberta’s issuer rating and long-term debt rating to AA with a stable trend from AA (low) with a positive trend.

“I recently had the opportunity to share Alberta’s story of responsible fiscal management and low-tax, pro-growth policies with major investors in Toronto, Montreal and New York City. This credit rating upgrade is another testament to our prudent fiscal management approach that is putting our province at the head of the pack.

“Alberta’s economy continues to exceed expectations. Our first-quarter fiscal update forecasts a $94-million boost in our projected surplus for 2023-24. Also, current consensus show that the province will be leading the country in economic growth this year.

“Alberta has the lowest net debt-to-GDP ratio in Canada and DBRS Morningstar projects that Alberta’s ratio is expected to remain stable.

“The province’s improved fiscal and economic progress has also been recognized by other credit rating agencies. Since the beginning of 2023, Moody’s Investors Service upgraded its credit rating for Alberta and Fitch Ratings Inc. has upgraded its outlook for Alberta’s rating.

“Our growing population and low-tax business-friendly environment are projected to boost income tax revenue, drive job creation and enhance economic growth.

“We are aware that global economic challenges such as high inflation and volatile energy prices will impact Alberta’s economic growth. That is why we have committed to increasing savings and reducing debt to secure Alberta’s future.

“Through our new fiscal framework, we will continue to manage Alberta’s finances responsibly while still meeting Albertans’ needs both today and well into the future.”