DBRS Warns Yet Another Credit Downgrade for Alberta is “Likely”: Wildrose

DBRS Warns Yet Another Credit Downgrade for Alberta is “Likely”: Wildrose

EDMONTON, AB: The NDP should take steps to reduce spending with credit-rating agency DBRS warning that yet another credit downgrade for Alberta is “likely”due to the province’s skyrocketing debt and deficit, the Wildrose Official Opposition said.

In a stark warning issued Friday, DBRS said “in the absence of a sustained improvement in fiscal resolve, a downgrade of the long term ratings by one notch within the next year is likely.” Another credit downgrade would equal six in just two years under the NDP’s watch.

“The NDP is provoking these credit-rating agencies by refusing to take any real steps to get Alberta’s finances under control,” Wildrose Leader Brian Jean said. “Another credit downgrade – our sixth in just two years – would severely hurt borrowing rates and core government services. The NDP needs to get serious about how the endless string of downgrades and warnings will hurt working Alberta families.”

Wildrose Shadow Finance Minister Derek Fildebrandt said he’s dismayed Finance Minister Joe Ceci tried to spin the DBRS statement as being good news for Alberta.

“We’ve said for a long time that this Finance Minister is in way over his head, and today is more evidence of that,” Fildebrandt said. “This government has decided that even the theoretical pretence of balancing the budget isn’t in line with their ideology, and so they will borrow with reckless abandon until the next government has to make the hard choices in cleaning up their mess.”

According to new information from statistics Canada, Alberta lost 11,000 full-time jobs last month.