NDP Budget Disaster Ushers in Fifth Credit Downgrade in Past Two Years

EDMONTON, AB: The NDP government’s reckless spending and $10.3 billion deficit have paved the way for yet another disastrous credit downgrade, Alberta’s fifth in the past two years, the Wildrose Official Opposition said.

Standard & Poor’s announced it is once again downgrading Alberta’s shaky credit standing, this time from AA to A+, citing the NDP government’s “projected deficits” and “debt burden” – the first two-notch downgrade since the NDP took power in 2015. Standard & Poor’s reduced Alberta’s credit rating to AA in 2016, following the release of the NDP’s first budget.

Alberta’s credit rating is now on par with Ontario and Quebec.

“Today’s credit downgrade is yet another example of how much damage the NDP is inflicting with its disastrous budgets and policies at a time we can least afford it,” Wildrose Leader Brian Jean said. “These ongoing downgrades will mean millions more in debt servicing costs coming out of the pockets of everyday Albertans. This is totally unacceptable for a province that once led the world in fiscal prudence.”

Wildrose Shadow Finance Minister Derek Fildebrandt said Finance Minister Joe Ceci needs to stop the bleeding and immediately produce a plan to rein in spending.

“The NDP refuses to face the facts. Credit rating agencies don’t care what politicians say, they care what they do, and the NDP are doing nothing but dithering while Alberta’s deficit spirals out of control, Fildebrandt said. “A new Alberta government will prudently reduce expenditures and make returning the budget to balance its top priority.”