“We are pleased to see that S&P Global Ratings has raised Alberta’s current long-term issuer credit rating to A+ from A with a continued stable outlook. This upgrade recognizes Alberta’s responsible fiscal management and strong economic growth strategy, which has returned us to a balanced budget.

“This is the first upgrade of Alberta’s credit rating since 2001, which is a testament to the hard work we’ve undertaken to re-establish strong fiscal principles in the province.

“S&P expects the provincial economy to continue to expand at a healthy pace in 2022 while financial management remains prudent.

“Other credit rating agencies are acknowledging the province’s improved fiscal and economic progress as well. Fitch Ratings Inc. and Moody’s Investors Service recently upgraded their outlooks for Alberta.

“Alberta’s Recovery Plan was the first of its kind in the country, and it is helping to increase revenue by attracting businesses and investment to the province.

“As we continue to diversify the economy and create jobs, we will deliver responsible fiscal management and improve our ability to pay down debt in the future.

“Alberta has the one of the lowest net debt-to-GDP ratios in Canada, increasing fiscal capacity, and our revenue is growing along with the economy.

“We are building on our advantages and we will continue to strengthen Alberta’s finances and position the province for a prosperous future.”