EDMONTON -- An agency is maintaining Alberta's credit rating but says the outlook for the long-term is negative because of the government's unwillingness to deal with its deficit and growing debt.
DBRS Limited says the rating remains at AA-high, but the trend on long-term ratings has been changed to negative from stable and the province could face a downgrade within a year.
The agency says Alberta's economy is improving and appears to have turned a corner supported by a modest rise in oil prices.
However, it also says the government's new budget fails to demonstrate meaningful action to address a substantial budgetary gap.
The government had a $10.8 billion deficit last year and is forecasting a $10.3 billion deficit this fiscal year.
Finance Minister Joe Ceci says by maintaining the credit rating, DBRS is recognizing Alberta's strong fiscal fundamentals.
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