Canada http://www.alacrastore.com/country-snapshot/Canada Sunday, July 06, 2008 12:43:26 AM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/658122spcred/658122normThe latest Full Report from S&Pstructured7/4/2008 3:20:56 PM400Full Report658122CanadaCanadaStructured FinanceAsset-Backed SecuritiesFull ReportThe ratings on Canadian Credit Card Trust's series 2008-1 credit card-backed investor certificates reflect sufficient enhancement protection for the certificates at their respective levels. The ratings also reflect Standard&Poor's Ratings Services' assessment of the credit risk associated with the overall quality of the collateral loan pool, based on historical portfolio performance, as well as National Bank of Canada's historical portfolio performance compared with that of other Canadian credit card issuers. Finally, the ratings are based on the effectiveness of the payment structure and the sound legal structure. The series 2008-1 senior and subordinated notes are five-year, fixed-rate certificates with an expected principal payment date of March 25, 2013. Series 2008-1 is the eighth issuance out of Canadian CreditCAN135933Canadian Credit Card Trust322197CANFULLSTRUCABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658119spcred/658119normThe latest Summary from S&Pglobal7/4/2008 3:20:56 PM175Summary658119CanadaOil & Gas Exploration & ProductionCanadaGlobal IssuersCorporationsEnergySummaryThe ratings on Calgary, Alta.-based Paramount Resources Ltd. reflect the company's low reserve life index (RLI) and its high finding and development (F&D) and operating costs. These factors are somewhat mitigated by the company's financial flexibility and capital structure, which are strong for the 'B' rating category. Paramount is an exploration and production company operating primarily in the Western Canadian Sedimentary Basin, specifically in Alberta, British Columbia, Saskatchewan, and North Dakota. The company's reserves and production mix are weighted toward natural gas, which accounts for more than 75% of the company's gross proven reserves and approximately 75% of its production. Paramount also owns and operates production facilities and processing infrastructure in its core operating regions. Paramount's vulnerable business risk profileCAN69932069932210102020 101020 1010 10Paramount Resources Ltd.349128CANPOU@CNSUMMARYGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658118spcred/658118normThe latest Full Report from S&Pglobal7/4/2008 3:20:56 PM400Full Report658118CanadaOil & Gas Exploration & ProductionCanadaGlobal IssuersCorporationsEnergyFull ReportDrill bit-related growth prospects provided by a large portfolio of undeveloped acreage Strong liquidity and flexibility Limited geographic diversification Poor reserve replacement and production growth metrics since the trust spinoff in 2005 High break-even cost structure, and finding and development costs The ratings on Calgary, Alta.-based Paramount Resources Ltd. reflect the company's low reserve life index (RLI) and its high finding and development (F&D) and operating costs. These factors are somewhat mitigated by the company's financial flexibility and capital structure, which are strong for the 'B' rating category. Paramount is an exploration and production company operating primarily in the Western Canadian Sedimentary Basin, specifically in Alberta, British Columbia, Saskatchewan, and North Dakota. The company's reserves and production mix are weightedCAN69932069932210102020 101020 1010 10Paramount Resources Ltd.349128CANPOU@CNFULLGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658113spcred/658113normThe latest Summary from S&Pglobal7/4/2008 12:50:56 PM175Summary658113CanadaEducation ServicesCanadaGlobal IssuersInternational Public FinanceSummaryThe ratings on the University of British Columbia (UBC) reflect the university's strong student demand and research profile, an above-average endowment, and very good government support. Rising debt, an ambitious capital expansion plan that government funding partially supports, and operating challenges constrain the ratings. Supporting the ratings are: Strong student demand and quality metrics, and a solid research profile. UBC's average entry grades at 83% for arts and 86% for sciences were among the strongest of its peers, and its matriculation rate of 53% was similar to that of McGill University (AA-/Stable/--) in Montreal. In fiscal 2008, UBC had almost 39,000 full-time equivalent students (FTEs), nearly 18% of which were graduates. This level is similar to that of UBC's research-intenseCAN91410425302010 253020 2530 25University of British Columbia357615CAN266031Z@CNSUMMARYGLOBISSGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658112spcred/658112normThe latest Full Report from S&Pglobal7/4/2008 12:50:56 PM400Full Report658112CanadaEducation ServicesCanadaGlobal IssuersInternational Public FinanceFull ReportThe ratings on the University of British Columbia (UBC) reflect the university's strong student demand and research profile, an above-average endowment, and very good government support. Rising debt, an ambitious capital expansion plan that government funding partially supports, and operating challenges constrain the ratings. Supporting the ratings are: Strong student demand and quality metrics, and a solid research profile. UBC's average entry grades at 83% for arts and 86% for sciences were among the strongest of its peers, and its matriculation rate of 53% was similar to that of McGill University (AA-/Stable/--) in Montreal. In fiscal 2008, UBC had almost 39,000 full-time equivalent students (FTEs), nearly 18% of which were graduates. This level is similar to that of UBC's research-intenseCAN91410425302010 253020 2530 25University of British Columbia357615CAN266031Z@CNFULLGLOBISSGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658109spcred/658109normThe latest Research Update from S&Pglobal7/4/2008 12:50:56 PM175Research Update658109CanadaFood RetailCanadaGlobal IssuersSovereignsResearch UpdateOn July 4, 2008, Standard&Poor's Ratings Services lowered its long-term issuer credit rating on the Canadian Wheat Board (CWB or the board) to 'AA' from 'AA+'. At the same time, Standard&Poor's affirmed its other ratings on the board. The outlook is stable. We rate CWB's short- and long-term debt issues 'AAA', in keeping with the rating on the Government of Canada (AAA/Stable/A-1+). CWB's borrowings carry a guarantee from the government and, as long as those guarantees remain in place, the board's debt will carry the same rating as that on the government, regardless of the trajectory of the issuer credit rating. If the guarantee were to be removed, we expect that the guarantee would be grandfatheredCANC2087Q13679413679J13679K13679N30101030 301010 3010 30Canadian Wheat Board117116CAN80706Z@CNRESUPDGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658108spcred/658108normThe latest News from S&Pglobal7/4/2008 12:50:56 PM100News658108CanadaFood RetailCanadaGlobal IssuersSovereignsNewsTORONTO (Standard&Poor's) July 4, 2008--Standard&Poor's Ratings Services lowered its long-term issuer credit rating on the Canadian Wheat Board (CWB or the board) to 'AA' from 'AA+'. At the same time, Standard&Poor's affirmed its other ratings on the board. The outlook is stable. We rate CWB's short- and long-term debt issues 'AAA', in keeping with the rating on the Government of Canada (AAA/Stable/A-1+). CWB's borrowings carry a guarantee from the government and, as long as that guarantee remains in place, the board's debt will carry the same rating as that on the government, regardless of the trajectory of the issuer credit rating. If the guarantee were to be removed, we expect that the guarantee wouldCANC2087Q13679413679J13679K13679N30101030 301010 3010 30Canadian Wheat Board117116CAN80706Z@CNNEWSGLOBISSSOVCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658101spcred/658101normThe latest Full Report from S&Pstructured7/4/2008 12:50:56 PM400Full Report658101CanadaCanadaStructured FinanceAsset-Backed SecuritiesFull ReportCollateral: Canadian dollar-denominated MasterCard credit card receivables. Underwriter: RBC Dominion Securities Inc. and TD securities Inc. Seller: MBNA Canada Bank. Master servicer: MBNA Canada. Indenture trustee: BNY Trust Co. of Canada. The ratings on Gloucester Credit Card Trust's (GCCT) fixed-rate asset-backed notes series 2008-1 reflect sufficient credit enhancement protection for the notes at their respective levels. The ratings also reflect assessment of the credit risk associated with the overall quality of the collateral loan pool based on historical portfolio performance, MBNA Canada Bank's historical portfolio performance, and MBNA America Bank N.A.'s experience as an originator and servicer of credit card accounts. In addition, the ratings are based on the effectiveness of the payment structure and the sound legal structure. TheCAN37970BGloucester Credit Card Trust338495CANFULLSTRUCABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657890spcred/657890normThe latest Research Update from S&Pglobal7/4/2008 2:56:10 AM175Research Update657890CanadaDiversified BanksCanadaGlobal IssuersFinancial InstitutionsResearch UpdateOn July 3, 2008, Standard&Poor's Ratings Services affirmed its ratings, including the 'A+' long-term counterparty credit rating, on Credit Union Central of British Columbia (CUCBC). The outlook is stable. The affirmation follows CUCBC closing its merger with Credit Union Central of Ontario (CUCO) and subsequent name change to Central 1 Credit Union. The ratings on Central 1 are based on its conservative liquidity and investment practices and the strength of the underlying system, marked by a low business risk and credit risk profile. In addition, the ratings benefit from Central 1's superior risk-adjusted and high-quality capital levels. Constraining the ratings are the institution's relatively low net interest margin and profitability, lack of geographic diversity (although improved with theCAN22540922541Z40101010 401010 4010 40Central 1 Credit Union350827CAN1568Z@CNRESUPDGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657889spcred/657889normThe latest News from S&Pglobal7/4/2008 2:56:10 AM100News657889CanadaDiversified BanksCanadaGlobal IssuersFinancial InstitutionsNewsTORONTO (Standard&Poor's) July 3, 2008--Standard&Poor's Ratings Services today said it affirmed its ratings, including the 'A+' long-term counterparty credit rating, on Credit Union Central of British Columbia (CUCBC). The outlook is stable. The affirmation follows CUCBC closing its merger with Credit Union Central of Ontario (CUCO), and subsequent name change to Central 1 Credit Union. "The ratings are based on Central 1's conservative liquidity and investment practices and the strength of the underlying system, marked by a low business risk and credit risk profile," said Standard&Poor's credit analyst Foster Cheng. In addition, the ratings benefit from Central 1's superior risk-adjusted and high-quality capital levels. Constraining the ratings are the institution's relatively low net interestCAN22540922541Z40101010 401010 4010 40Central 1 Credit Union350827CAN1568Z@CNNEWSGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/331781spcred/331781normThe latest Research Update from S&Pglobalstructuredpubfin7/4/2008 2:54:37 AM175Research Update331781CanadaProperty & Casualty InsuranceCanadaEurope, Middle East, AfricaStructured FinancePublic FinanceGlobal IssuersAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsInsuranceCorporationsFinancial InstitutionsInternational Public FinanceResearch UpdateStandard&Poor's Ratings Services placed its 'A+' financial strength and counterparty credit ratings on Trafalgar Insurance Co. of Canada and Allianz Ins. Co. of Canada (combined AZ Canada) on CreditWatch with negative implications. The rating implications reflect Standard&Poor's concerns with AZ Canada's weak (albeit improving) operating performance and inability to execute a profitable business model during the past two calendar years. Also reflected are Standard&Poor's concerns for the potential short-term operational risks that AZ Canada may incur though its restructuring and refocusing efforts, as well as Standard&Poor's concerns for AZ Canada's strategic importance to ultimate parent, Allianz AG's (AZAG; AA-/Negative/A-1+) long-term strategy. Whereas Standard&Poor's has recognized that AZ Canada has startedCAN89271#40301040 403010 4030 40Trafalgar Insurance Co. of Canada329190CANEUROMIDAFRALV@GRRESUPDDEUCAN261561D0553JD23005D2309FD230BCG2839A018805D0553HD0553ND05544D2305UD230BAD230MW26156T50154MD0553MD22997D2301CD2303HD2305FD230AWD230B0D230BLD23002D2304K40301040 403010 4030 4040101010 401010 4010 4040301030 403010 4030 40Dresdner Bank AGAllianz SEAllianz Insurance Co. of Canada100695116877313679ASIAEUROMIDAFRUSACANEMERGINGLATAMERICAPACDRB@GRALV@GR1597Z@CNSTRUCPUBFINGLOBISSABCPABSCMBSRMBSCDOINSCORPFIGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/331780spcred/331780normThe latest Research Update from S&Pglobalstructuredpubfin7/4/2008 2:54:37 AM175Research Update331780CanadaProperty & Casualty InsuranceCanadaEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInternational Public FinanceInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsResearch UpdateStandard&Poor's Ratings Services placed its 'A+' financial strength and counterparty credit ratings on Allianz Ins. Co. of Canada and Trafalgar Insurance Co. of Canada (combined AZ Canada) on CreditWatch with negative implications. The rating implications reflect Standard&Poor's concerns with AZ Canada's weak (albeit improving) operating performance and inability to execute a profitable business model during the past two calendar years. Also reflected are Standard&Poor's concerns for the potential short-term operational risks that AZ Canada may incur though its restructuring and refocusing efforts, as well as Standard&Poor's concerns for AZ Canada's strategic importance to ultimate parent, Allianz AG's (AZAG; AA-/Negative/A-1+) long-term strategy. Whereas Standard&Poor's has recognized that AZ Canada has startedCAN40301040 403010 4030 40Allianz Insurance Co. of Canada313679CANEUROMIDAFR1597Z@CNRESUPDDEUCAN26156189271#D0553JD05544D2305UD2309F50154MD0553MD23005D2303HD2305FD230AWD230BCG2839A018805D0553HD0553ND230BAD230MW26156TD22997D23002D2301CD2304KD230B0D230BL40101010 401010 4010 4040301040 403010 4030 4040301030 403010 4030 40Dresdner Bank AGAllianz SETrafalgar Insurance Co. of Canada100695116877329190CANASIAEMERGINGLATAMERICAPACEUROMIDAFRUSADRB@GRALV@GRALV@GRGLOBISSSTRUCPUBFINCORPFIGOVSINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/331779spcred/331779normThe latest News from S&Pglobalstructuredpubfin7/4/2008 2:54:37 AM100News331779CanadaProperty & Casualty InsuranceCanadaEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInternational Public FinanceInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsNewsNEW YORK (Standard&Poor's) Sept. 4, 2003--Standard&Poor's Ratings Services said today that it placed its 'A+' financial strength and counterparty credit ratings on Allianz Ins. Co. of Canada and Trafalgar Insurance Co. of Canada (combined AZ Canada) on CreditWatch with negative implications. The rating implications reflect Standard&Poor's concerns with AZ Canada's weak (albeit improving) operating performance and inability to execute a profitable business model during the past two calendar years. Also reflected are Standard&Poor's concerns for the potential short-term operational risks that AZ Canada may incur though its restructuring and refocusing efforts, as well as Standard&Poor's concerns for AZ Canada's strategic importance to ultimate parent, Allianz AG's (AZAG; AA-/Negative/A-1+) long-term strategy.CAN40301040 403010 4030 40Allianz Insurance Co. of Canada313679CANEUROMIDAFR1597Z@CNNEWSDEUCAND0553JD05544D22997D23005D230AWD230B0G2839AD0553MD2303HD2305FD2309FD230BA26156126156TD0553HD0553ND23002D2305UD230BCD230BL01880550154M89271#D2301CD2304KD230MW40301030 403010 4030 4040301040 403010 4030 4040101010 401010 4010 40Dresdner Bank AGAllianz SETrafalgar Insurance Co. of Canada100695116877329190EMERGINGUSAASIACANLATAMERICAEUROMIDAFRPACDRB@GRALV@GRALV@GRGLOBISSSTRUCPUBFINCORPFIGOVSINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658037spcred/658037normThe latest Full Report from S&Pglobal7/3/2008 6:24:23 PM400Full Report658037CanadaOther Diversified Financial ServicesCanadaGlobal IssuersFinancial InstitutionsInternational Public FinanceFull ReportVery strong net asset position Diversified contribution base Mandatory participation for Ontario municipalities and their employees Improved governance structure Better returns than some peers in both of past two years Unhelpful demographic trends Challenging investment environment Thin actuarial surplus Remaining governance challenges The counterparty credit rating on OMERS Administration Corp. (OMERS AC or the fund) reflects the diversity of the fund's contribution base, as well as the mandatory participation for Ontario municipalities and their employees. This provides a stable, highly predictable asset base for the fund, with associated cash inflows in the form of pension contributions. The ratings also reflect OMERS AC's very strong net asset position (C$51.5 billion at Dec. 31, 2007), its significant market power as one ofCAN40201020 402010 4020 40OMERS Administration Corp.367082CANOMERS@CNFULLGLOBISSFIGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658002spcred/658002normThe latest Summary from S&Pglobal7/3/2008 4:32:00 PM175Summary658002CanadaElectric UtilitiesCanadaGlobal IssuersUtilitiesElectricSummaryThe ratings on Calgary, Alta.-based TransAlta Utilities Corp. (TAU) reflect the consolidated rating on its parent, TransAlta Corp. (TransAlta; BBB/Stable/--). There are no meaningful structural barriers restricting the flow of cash between TAU and TransAlta. Standard&Poor's Ratings Services therefore views the default risk for TAU and its sole shareholder to be the same. TAU's senior secured debt is one notch higher than the corporate credit rating, due to the strong collateral value from TAU's generation assets. TAU had C$265 million in secured debt outstanding held by third parties as of March 31, 2008. Two of the debentures do not mature until 2023 (C$100 million) and 2033 (C$50 million) but are redeemable in 2008 and 2009, respectively. TAU ownsCAN89346489346D89346Z55101010 551010 5510 55TransAlta Utilities Corp350776CANTAU@CNSUMMARYCAN89347Z89346D55105010 551050 5510 55TransAlta Corp.346309CANTA@CNGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657999spcred/657999normThe latest Summary from S&Pglobal7/3/2008 4:32:00 PM175Summary657999CanadaIndependent Power Producers & Energy TradersCanadaUnited StatesGlobal IssuersCorporationsInternational Public FinanceUtilitiesElectricSummaryThe ratings on Edmonton, Alta.-based independent power producer EPCOR Power L.P. (EPCOR Power or the partnership) reflect the partnership's relatively stable revenue and cost profiles, which are supported by a well-diversified portfolio of generation assets, predominantly investment-grade counterparties, and long-term contracts for most of its production. Offsetting these strengths are operating margins that face operations- and fuel-related risk, acquisition execution risk, and reduced financial flexibility related to a structural commitment to pay out a high level of equity distributions. EPCOR Power's 1,287-megawatt portfolio is diversified across several offtakers, jurisdictions, generating technologies, and fuel sources. The partnership's Canadian assets are in British Columbia and Ontario; U.S.-based assets are in New York, New Jersey, California, Colorado, Washington, and North Carolina. The portfolioCAN29413Z55105010 551050 5510 55EPCOR Power L.P.353695CANUSAEP-U@CNSUMMARYGLOBISSCORPGOVSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657997spcred/657997normThe latest Full Report from S&Pglobal7/3/2008 4:32:00 PM400Full Report657997CanadaIndependent Power Producers & Energy TradersCanadaUnited StatesGlobal IssuersCorporationsInternational Public FinanceUtilitiesElectricFull ReportCash flow stability is supported by a diversified portfolio of electricity generation assets in distinct markets The bulk of revenue is under long-term contract with investment-grade counterparties Portfolio assets exhibit good operational performance Profitability faces operating and fuel-related risk Remaining life of long-term power purchase agreements is declining Ongoing integration and execution risk is associated with the company's acquisitiveness Distribution commitment to unitholders is high due to the limited partnership structure The ratings on Edmonton, Alta.-based independent power producer EPCOR Power L.P. (EPCOR Power or the partnership) reflect the partnership's relatively stable revenue and cost profiles, which are supported by a well-diversified portfolio of generation assets, predominantly investment-grade counterparties, and long-term contracts for most of its production. Offsetting these strengthsCAN29413Z55105010 551050 5510 55EPCOR Power L.P.353695CANUSAEP-U@CNFULLCAN29410529413R29410Z29412U55101010 551010 5510 55EPCOR Utilities Inc.EPCOR Preferred Equity IncEPCOR Power Equity Ltd.348081364733417392CAN1431Z@CN122889Z@CNGLOBISSCORPGOVSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657985spcred/657985normThe latest Research Update from S&Pglobal7/3/2008 4:32:00 PM175Research Update657985CanadaOil & Gas Exploration & ProductionCanadaGlobal IssuersCorporationsEnergyResearch UpdateOn July 3, 2008, Standard&Poor's Ratings Services affirmed its 'B' long-term corporate credit and senior unsecured debt ratings on Calgary, Alta.-based Paramount Resources Ltd. At the same time, Standard&Poor's revised its recovery rating on the senior unsecured debt to '3' from '4'. The outlook is stable. The ratings on Paramount reflect the company's low reserve life index (RLI) and its high finding and development (F&D) and operating costs. These factors are somewhat mitigated by the company's financial flexibility and capital structure, which are strong for the 'B' rating category. Paramount is an exploration and production (E&P) company operating primarily in the Western Canadian Sedimentary Basin, specifically in Alberta, British Columbia, Saskatchewan, and North Dakota. The company'sCAN69932069932210102020 101020 1010 10Paramount Resources Ltd.349128CANPOU@CNRESUPDGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657984spcred/657984normThe latest News from S&Pglobal7/3/2008 4:32:00 PM100News657984CanadaOil & Gas Exploration & ProductionCanadaGlobal IssuersCorporationsEnergyNewsTORONTO (Standard&Poor's) July 3, 2008--Standard&Poor's Ratings Services today said it affirmed its 'B' long-term corporate credit and senior unsecured debt ratings on Calgary, Alta.-based Paramount Resources Ltd. At the same time, Standard&Poor's revised its recovery rating on the company's senior unsecured debt to '3' from '4'. The outlook is stable. (For the complete recovery analysis, please see "Paramount Resources Ltd.'s Recovery Rating Profile," to be published on RatingsDirect immediately following this report.) "The rating on Paramount continues to be supported by its financial risk profile, which is characterized by its strong liquidity, financial flexibility, and the expectation that the company will be able to fund substantially all its 2008 capital program with internally generatedCAN69932069932210102020 101020 1010 10Paramount Resources Ltd.349128CANPOU@CNNEWSGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657729spcred/657729normThe latest Summary from S&Pglobal7/2/2008 6:24:00 PM175Summary657729CanadaOther Diversified Financial ServicesCanadaGlobal IssuersFinancial InstitutionsInternational Public FinanceSummaryThe counterparty credit rating on OMERS Administration Corp. (OMERS AC or the fund) reflects the diversity of the fund's contribution base, as well as the mandatory participation for Ontario municipalities and their employees. This provides a stable, highly predictable asset base for the fund, with associated cash inflows in the form of pension contributions. The ratings also reflect OMERS AC's very strong net asset position (C$51.5 billion at Dec. 31, 2007), its significant market power as one of Canada's largest pension plans, and its well-developed asset-management framework. With total returns of 8.7% in 2007 and 16.4% in 2006, OMERS AC outperformed some peers, including Ontario Teachers' Pension Plan Board (OTPP) and the Caisse de dépôt et placement du Québec (theCAN40201020 402010 4020 40OMERS Administration Corp.367082CANOMERS@CNSUMMARYGLOBISSFIGOVSCredit & Investment ResearchS&P Credit Research