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Alberta has received another credit downgrade, with a rating agency warning about “continuing budgetary performance deterioration and growing debt” under the NDP government.

S & P Global Ratings announced Friday it was lowering Alberta’s rating two notches, from AA to A+.

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“The province’s budgetary performance … has significantly deteriorated and is materially weaker compared with that of both domestic and international peers,” the agency said in a news release.

“In addition, we expect that for Alberta to fund its growing capital expenditure program, its debt burden will continue to grow rapidly.”

S & P, DBRS Limited and Moody’s Investors Service have all previously lowered Alberta’s credit rating — which raises the cost of borrowing by the government – as the Notley government posted red ink in the midst of an economic downturn spurred by low oil prices.

Alberta’s provincial budget, released in March, projects a $10.3-billion deficit for 2017-18. With government pumping up borrowing to pay both for operations and for a massive public infrastructure agenda, it is forecasting debt to hit $71.1 billion by 2019-20.