Canada

Extremely effective, stable, and predictable policymaking and political institutions A highly resilient economy Better-than-average fiscal and external indicators Extremely strong monetary flexibility High dependence on U.S. economy and U.S. financial conditions The ratings on Canada reflect Standard&Poor's Ratings Services' opinion of the country's relatively diversified and resilient economy and its effective and predictable policymaking and political institutions. Canadian authorities have a strong track record in managing economic and financial crises and delivering economic growth. During the recent global financial crisis and recession, no Canadian financial institution required a government injection of capital and Canadian real GDP per capita growth exceeded U.S. growth in almost every year of the 2007-2011 period. Canadian governments have demonstrated an ability and willingness

RESEARCH Canada Publication date: 31-Dec-2012 Primary Credit Analyst: Nikola G Swann, CFA, FRM, Toronto (1) 416-507-2582; nikola_swann@standardandpoors.com Secondary Contact: John B Chambers, CFA, New York (1) 212-438-1000; john_chambers@standardandpoor...

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