“Just hours after the NDP government defeated a Progressive Conservative amendment to Bill 10 that would maintain Alberta’s debt ceiling, our provincial credit rating took yet another blow. Standard & Poor’s reduced Alberta’s credit rating from AA+ to AA, citing weak budgetary performance and a large and growing debt burden as their main reasons for the downgrade. This confirms what the Progressive Conservatives have been saying for months, which is that this government is driving Alberta’s economy into the ground with their out-of-control spending and complete lack of a credible fiscal plan.
This is the fourth time Alberta’s credit has been downgraded in a matter of months, and it is deeply troubling to hear the Finance Minister simply brush this off and maintain that accumulating massive amounts of debt with no repayment plan is necessary to deliver vital programs and services. It’s disappointing that this government continues to use these fear-mongering tactics to justify their poor management of Alberta’s finances and we believe that Albertans deserve much better.
This latest downgrade will mean higher borrowing costs, not only for the provincial government, but for municipalities across the province at a time when we can least afford it. This government needs to put their ideology aside and get back to working for Albertans. They must do the right thing, push pause on Bill 10 and keep the debt ceiling in place before they do even more damage to our economy.”