Stable political institutions, predictable policymaking, and a highly resilient economy with strong monetary and fiscal flexibility underpin Canada's credit strengths. Canada's vulnerabilities include rising household credit, which could pose asset quality problems in the financial system, and high dependence on the U.S. economy. We are affirming our 'AAA/A-1+' sovereign credit ratings on Canada. The stable outlook reflects our expectation of broad continuity in key economic policies after the recent change of federal government. On Nov. 3, 2015, Standard&Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on Canada. The outlook on the long-term rating remains stable. Our rating on Canada reflects its strong public institutions, prosperous and resilient economy, fiscal and monetary flexibility, and
