OVERVIEW Stable and predictable policymaking and political institutions, a highly resilient economy, and strong monetary and fiscal flexibility underpin Canada's strong creditworthiness. Canada's potential vulnerabilities include a high dependence on the U.S. economy, as well as possible asset-quality problems that could arise in the financial system as a result of rising household credit. We are affirming our 'AAA/A-1+' sovereign credit ratings on Canada The stable outlook reflects our expectation that recovering GDP growth and declining fiscal deficits at all levels of government will contribute to the net general government debt burden stabilizing at about 50% of GDP against a backdrop of modest current account deficits and considerable monetary flexibility. RATING ACTION On Nov. 13, 2013, Standard&Poor's Ratings Services
