Finance Minister Joe Ceci says Standard & Poor's wanted Alberta to either cut program spending by $3.5 billion or raise taxes to maintain its credit rating.

Concerns over large deficits and a ballooning debt prompted the bond rating agency on Friday to downgrade the province two notches from AA to A+. Ratings affect the interest rate Alberta pays to borrow money.

Alberta's debt is expected to hit $71.1 billion by 2020 but the government has said it has no plan to implement a provincial sales tax. The governing NDP has chosen to borrow money to build infrastructure and maintain government services.

Ceci told reporters at the Alberta legislature on Monday the government will stick to its long-term plan.

"This credit rating agency is looking for $3.5 billion in cuts to programs or increases in taxes," he said. "We're not going to do that.

"We would see half of our education budget cut as a result of that much. Or all of our community and social services budget. That's not in the best interest of Albertans."

The Wildrose Official Opposition on Friday decried the credit downgrade as another example of how NDP policies are ruining Alberta's economy.

The party's finance critic, Derek Filderbrandt, called on Ceci to immediately come up with a plan to curb spending.

Ceci challenged Wildrose MLAs to tell Albertans what services they would cut to save $3.5 billion.

On Monday, the Conference Board of Canada upgraded its 2017 GDP growth forecast for Alberta to 3.3 per cent, an increase from the 2.8 per cent predicted last winter.

Ceci said that shows that jobs and confidence are returning to Alberta after the recession.