Alberta Finance Minister Nate Horner has responded to the government's credit rating upgrade. (Photo: Canadian Press)

By David Opinko

Alberta’s credit rating improves for the fourth time in one year

Jul 23, 2024 | 5:58 AM

One credit rating agency says it is becoming increasingly confident in the Government of Alberta’s fiscal management.

Moody’s Rating has upgraded its outlook on the provincial government from stable to positive.

“The positive outlook reflects our view that if Alberta adheres to the governance controls as per its fiscal framework introduced in 2023, its debt and liquidity levels could be stronger than we currently project,” reads a statement from Moody’s.

Alberta is one of only two Canadian provinces that Moody’s says is already in budgetary balance.

They say their issuing of high credit ratings reflects continued fiscal surpluses, moderate debt burden, high levels of cash and investment, a competitive economy, and a solid institutional framework.

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The positive outlook is also due to oil prices and revenues being higher-than-anticipated.

Moody’s states its appreciation for the UCP government committing 50 per cent of its annual surpluses to savings while putting the remaining half towards debt repayment.

Alberta Finance Minister Nate Horner says the credit rating upgrade is affirmation that the government is on the right track.

“I am pleased to see that Moody’s Ratings has upgraded Alberta’s credit rating outlook to positive from stable and confirmed our Aa2 standing, recognizing our commitment to balance the budget, control spending and pay down debt,” says Horner. “This is our fourth credit upgrade in the last year, and fifth in the past 18 months.”

The Alberta Government ended the 2023-24 fiscal year with a $4.3 billion surplus.

Horner says Alberta’s future is bright but the government has to continue to be responsible stewards of taxpayer dollars.

READ MORE: Alberta announces final numbers for fiscal year, including $4.3B surplus