This report supplements our research update "City of Ottawa Downgraded To 'AA' From 'AA+' On Weakening Budgetary Performance; Outlook Stable," published on April 29, 2016. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. S&P Global Ratings' 'AA' ratings on the City of Ottawa are supported by the city's very strong economy, exceptional liquidity, and strong financial management and budgetary flexibility. These credit strengths are partially mitigated by our expectation of a structural deterioration of the city's budgetary performance within our two-year rating horizon. The ratings also reflect the city's moderate contingent
