EDMONTON, AB: Credit rating agencies have told NDP Finance Minister Joe Ceci to provide more information before they make a decision on updating Alberta’s credit rating, leaving the minister with homework to do – homework that is already a year late, and has already led to four credit downgrades, Wildrose Shadow Finance Minister Derek Fildebrandt said.
Last year, Ceci met with credit rating agencies to plead for Alberta’s triple-A credit rating, but saw the province downgraded almost immediately after meeting with them.
“The NDP have overseen four credit downgrades already, and their reckless borrowing program has us on track for another,” Fildebrandt said. “Credit rating agencies have shown time and again that they have no faith in Ceci’s ability to manage Alberta’s finances.”
Under the NDP government’s current rate of spending, Alberta’s families are on track to spend $2.3 billion per year in debt servicing costs alone. Even if the current rate of government borrowing stays on track, any future credit downgrades will only increase that number.
“Credit agencies have sent Ceci back to Alberta with a homework assignment,” Fildebrandt said. “He should make public to Albertans just what that homework is.”