This report supplements our research update "City of Regina 'AA+' Ratings Affirmed On Very Strong Budgetary Performance And Exceptional Liquidity" published on May 20, 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. The ratings on the City of Regina, in the Province of Saskatchewan, reflect S&P Global Ratings' view of the city's very strong credit fundamentals, which are anchored by exceptional liquidity, a track record of very strong budgetary performance characterized by high operating surpluses, and a very strong economy that is stabilized by a significant public sector base. The
