This report does not constitute a rating action. Overview Credit context and assumptions Base-case expectations The City of Ottawa’s diversified economy, underpinned by a large public sector presence, will support longer-term economic growth despite our expectation for constrained growth in the next two years. Expense management efforts will match slower revenue growth, maintaining stable operating balances. The city’s prudent financial management practices and robust operating and capital planning help support its creditworthiness. After-capital deficits will improve modestly over the next two years as capital spending moderates. We believe the city's relationship with the Province of Ontario will remain extremely predictable and supportive. We expect Ottawa’s debt burden will not increase materially while liquidity will remain sufficient to meet its debt
