TORONTO (Standard&Poor's) July 29, 2002--Standard&Poor's Ratings Services today raised its long-term foreign currency sovereign credit rating on Canada to triple-'A' from double-'A'-plus. At the same time, Standard&Poor's affirmed its triple-'A' long-term local currency sovereign credit and senior unsecured debt ratings on Canada and its `A-1'-plus short-term local and foreign currency sovereign credit and commercial paper ratings. The outlook on the long-term ratings remains stable. "The sovereign upgrade reflects the results of many years of restructuring in both the private and public sectors that has created a more resilient economy with low inflation, fiscal and current account surpluses, and a healthy trade sector," said sovereign analyst Joydeep Mukherji. "Canada's general government debt, which includes all
