The strengthening Canadian economy, along with rising inflation, has boosted government revenues and will contribute to fiscal and debt positions that are better than expected, despite new spending measures in the 2022 budget. Although there are some downside risks to our 2022 3.7% real GDP growth forecast, including supply chain disruptions, stronger price growth, and higher interest rates, these risks will not offset Canada's credit strengths. We affirmed our 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on Canada. The outlook is stable. On April 28, 2022, S&P Global Ratings affirmed its ratings, including its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings, on Canada. At the same time, S&P Global Ratings affirmed its 'AAA' transfer and convertibility assessment on
