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Finance Minister Travis Toews said he is disappointed by global credit rating Moody’s decision to downgrade the province’s credit rating on Tuesday.

The agency cited “structural weakness in the provincial economy that remains concentrated and dependent on non-renewable resources” and revenue pressures related to UCP cuts to corporate tax rates in its decision to decrease Alberta’s rating to Aa2 (stable), the third-highest credit rating, from Aa1 (negative).

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Toews firmly placed blame for the change on the former NDP government, whose tenure ended eight months ago.

“This decision shows how previous governments’ fiscal mismanagement and inability to gain market access for Alberta’s energy continues to affect our province,” said Toews in a Tuesday news release.

“Moody’s did provide Alberta with a ‘stable outlook’ and this is clear recognition that our plan to balance the budget has merit.”