By CHAT News Today

S&P downgrades Alberta’s credit rating

May 26, 2017 | 3:53 PM

EDMONTON — Alberta’ s credit rating has been downgraded once again.

Standard and Poor’s Global Ratings has lowered the province’s credit rating from an AA level to A-plus, citing growing deficits and high debts incurred by Alberta.

The province has projected a deficit of $10.3 billion this year, and the provincial debt is projected to climb to $71.1 billion by 2020.

The downgrade in the credit rating raises the cost of borrowing by the government.

Finance Minister Joe Ceci issued a statement defending the province Friday afternoon, saying their budget is focused on long-term growth.

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Ceci adds the province is not planning to reverse its course on the economy due to the ratings.