City of Regina

This report does not constitute a rating action. Economy and institutions remain broadly supportive. High income levels, a large and stable public sector, and federal income support programs foster stability in the city's property tax base despite the negative impact from COVID-19. Refinement in the city's long-term financial management practices will allow Regina to keep adhering to sustainable infrastructure spending plans that avoid the undue build-up of deferred capital needs. Very predictable and well-balanced local and regional government framework supports the ratings. Budgetary performance will remain very strong on a five-year average and debt burden will remain manageable. We expect that the city will continue to generate solid operating balances and after-capital surpluses on a five-year average despite posting slight

...Credit context and assumptions Base-case expectations Economy and institutions remain broadly supportive. + High income levels, a large and stable public sector, and federal income support programs foster stability in the city's property tax base despite the negative impact from COVID-19. + Refinement in the city's long-term financial management practices will allow Regina to keep adhering to sustainable infrastructure spending plans that avoid the undue build-up of deferred capital needs. + Very predictable and well-balanced local and regional government framework supports the ratings. Budgetary performance will remain very strong on a five-year average and debt burden will remain manageable. + We expect that the city will continue to generate solid operating balances and after-capital surpluses on a five-year average despite posting slight after-capital deficits in 2022 and 2023 as larger capital projects enter the plan. + Debt burden will increase in 2021 but we expect it will decline...

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