On July 29, 2002, Standard&Poor's raised its long-term foreign currency sovereign credit rating on Canada to 'AAA' from 'AA+' and affirmed its 'AAA' long-term local currency sovereign credit ratings. Standard&Poor's also affirmed its `A-1+' short-term sovereign credit and commercial paper ratings. The outlook on the long-term ratings remains stable. The sovereign upgrade reflects the results of many years of restructuring in both the private and public sectors that has created a more resilient economy with low inflation, fiscal and current account surpluses, and a healthy trade sector. Canada's general government debt, which includes all levels of government, is projected to fall below 60% of GDP this year from 90% five years ago. The public sector's external
