By Dean Bennett - The Canadian Press

Credit Downgrade

Fitch downgrades Alberta’s credit rating citing heavy borrowing

Jun 30, 2020 | 5:15 PM

EDMONTON – Alberta’s plan to relaunch its economy is taking a hit right out of the starting gate.

The United States-based Fitch rating agency has announced it’s reducing Alberta’s credit rating to AA- from AA.

Fitch cites a concern with sharply higher borrowing done by the province to deal with the economic fallout of the COVID-19 pandemic.

Premier Jason Kenney is expected to provide details of Alberta’s financial picture in August, but has said this year’s budget deficit is expected to balloon to about $20 billion from $7 billion.

On Monday, the premier announced an extra $1 billion in infrastructure spending on top of about another $9 billion in existing commitments to build roads, schools and health-care facilities to boost short-term employment.

Meaningful Mementos

Remembering Someone You've Lost at Christmas

Dec 03, 2024

Seasonal Sorrow

How Do You Get Through The Holidays When You're Grieving?

Nov 01, 2024

Upcoming Events at Oliver's

Grief & Loss and Estate Planning Seminars

Oct 02, 2024

His United Conservative government is also accelerating a cut to corporate income taxes, bringing the rate to eight per cent this week, in the hopes of attracting businesses to a province that has been hit by both the pandemic and a global oil price war.

(The Canadian Press)