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By Paige MacPherson

Anyone could have seen this coming from a mile away. Alberta’s credit rating has now officially been downgraded by bond rating agency Standard & Poor’s, tumbling from our coveted AAA status. The government’s poor budgeting and snowballing debt load played a big role, but the premier and finance minister are refusing to own up to it.

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Bart Simpson rose to accidental fame in a classic The Simpsons episode for coining his catchphrase, “I didn’t do it.” He recorded a rap song and developed a franchise based on it. But even Bart tired of his fame. You can’t go on saying “I didn’t do it” forever.

Yet, that’s exactly our government’s approach. In fact, it was just months ago, in July, when a Moody’s report first warned that the rapid pace at which Alberta was racking up debt could impact its then-AAA credit rating.

Moody’s is one of a few bond rating agencies that gives credit ratings to governments, similar to how an individual’s credit score determines the rates at which she can borrow. If an individual piles up debt, lenders view her as a higher risk, and increase interest rates on her new credit card usage. It works the same way for governments.