TORONTO (Standard & Poor's) Oct. 15, 2004--Standard & Poor's Ratings Services today said it affirmed its 'A' long-term issuer credit and senior unsecured debt ratings on the Province of Prince Edward Island (PEI), based on the province's solid economic results and its moderate but rising debt burden. Standard & Poor's also affirmed its 'A-1 (Mid)' Canadian national scale and its 'A-1' global scale CP ratings on the province's C$500 million CP program. The outlook is stable. "The ratings on PEI are supported by its strong economy as real GDP increased 1.9% (compared with 2% nationally), following a stellar result a year earlier," said Standard & Poor's credit analyst Stephen Ogilvie. Employment levels increased solidly from 2002-2003 (2.5%), driving the unemployment
