We are affirming our 'AAA/A-1+' long- and short-term sovereign credit ratings on Canada. In our view, Canada has a superior political and economic profile and strong flexibility and performance profile. The outlook is stable. Given Canada's strong starting position, a combination of increased political uncertainty and weaker fiscal or external outcomes would be necessary for downward pressure to build on the rating. On Oct. 25, 2011, Standard&Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on Canada. The outlook is stable. The ratings on Canada reflect Standard&Poor's opinion of the sovereign's superior political and economic profile and strong flexibility and performance profile, as defined in our criteria (see "Sovereign Government Rating Methodology
