“This NDP government’s fiscal plan is completely unrealistic and again today, another credit ratings agency has given the Finance Minister a failing grade,” said PC Caucus Leader and Finance Critic Ric McIver. “The Minister should take the advice of these financial experts seriously and develop a credible debt repayment plan and curb this government’s reckless spending habits. Instead, he demonstrates just how out of touch he is by interpreting this warning as a cause for celebration.”
In its report, DBRS cited the NDP’s lack of willingness to control spending and debt repayment plan as two of many reasons why it feels a credit downgrade is “likely” within the next year.
“When the NDP took office, Alberta had a sterling AAA credit rating, a $1.1 billion surplus and a debt-to-GDP ratio of just 3.2 per cent,” said McIver. “Today, they are on their third consecutive $11 billion deficit, tens of billions in new debt and a credit rating that is well on its way to junk bond status. The Minister must start taking our province’s finances seriously, before generations of Albertans are forced to pay for his incompetence.”