DBRS downgrades Alberta, reviews others

DBRS said it downgraded the province of Alberta and is reviewing its ratings for Newfoundland and Labrador and Saskatchewan.

The rating actions stem from the deteriorating global economic conditions and the sharp decline in global oil prices caused by the outbreak of the coronavirus disease and measures taken by Saudi Arabia and Russia to recapture market share. If sustained, DBRS believes these factors will have a material effect on the provincial economic activity and public finances of Canada's main oil and gas -producing provinces.

DBRS downgraded Alberta’s issuer rating and long-term debt rating to AA (low) from. The trends on all issuer ratings and long-term debt ratings are negative.

DBRS also placed the province of Newfoundland and Labrador’s issuer rating and long-term debt rating of A (low) under review with negative implications.

The agency placed the Saskatchewan’s issuer rating and long-term debt rating of AA under review with negative implications.

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