TORONTO (Standard&Poor's) Jan. 30, 2006--Standard&Poor's Ratings Services today said it affirmed its 'AAA' long-term foreign and local currency sovereign credit ratings on Canada. Standard&Poor's also affirmed its 'A-1+' short-term sovereign credit ratings on Canada. The outlook is stable. "The 'AAA' rating on Canada rests on the country's sound public finances, its diversified economy, and its political stability," said Standard&Poor's credit analyst Nikola Swann. "Canada has undergone a remarkable fiscal consolidation in the past 13 years, moving from deficits of more than 5% of GDP to surpluses of up to 2% of GDP. We expect fiscal discipline to be maintained under the minority government to be formed under incoming Prime Minister Stephen Harper.
