We are revising our outlook on the City of Regina to negative from stable. We are affirming our 'AA+' long-term issuer credit and senior unsecured debt ratings on the city. The outlook revision primarily reflects the significant unfunded multiemployer pension plan liabilities, at about 75% of operating revenues, and the possibility of significant associated solvency deficit payments in the medium term. The ratings reflect our view of Regina's healthy operating and after capital expenditure surpluses, and the city's low debt and a net creditor position. TORONTO (Standard&Poor's) Jan. 11, 2011--Standard&Poor's Ratings Services revised its outlook on the City of Regina, in the Province of Saskatchewan (AA+/Stable/A-1+), to negative from stable. At the same time, Standard&
