Moody's downgrades Canadian province of Alberta on rising debt

TORONTO: Moody's Investors Service stripped the Canadian province of Alberta of its Aaa credit rating on Monday, citing its worsening fiscal position and resulting rapid rise in debt.

The ratings agency downgraded the province's long-term rating to Aa1 from Aaa and maintained a negative outlook.

Earlier this month, Dominion Bond Rating Service also downgraded the province after the provincial government forecast a budget deficit of C$10.4 billion ($8.20 billion) this fiscal year.