January 18, 2016 7:14 pm
Updated: January 18, 2016 7:15 pm

Moody’s adjusts credit outlook for Alberta to negative; rating still at AAA

Finance Minister Joe Ceci reacts to Alberta's Credit Rating

Cliff Harris / Global News

EDMONTON – A second major bond rating agency has adjusted its credit rating for Alberta.

Moody’s has changed its credit outlook for the province to negative from positive, but Alberta retains its AAA rating.

In a statement, Finance Minister Joe Ceci said he was pleased that Moody’s affirmed the province’s AAA rating.

“While today’s negative outlook is another consequence of the collapse in global oil prices, the rating agency confirmed the province’s credit strengths and low debt servicing costs.”

The agency says the adjusted outlook reflects the risk to the province’s finances from oil prices.

Tanking oil prices have hit the province hard.  This year’s budget calls for a deficit of more than $6 billion and thousands of oilpatch workers have been laid off.

Standard and Poors downgraded Alberta’s rating to AA from AAA in December.

With files from Global News.

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