Foreign and Local Currency: AAA/Stable/A-1+ For further details see Ratings List. Our rating on Canada benefits from our view of the sovereign's strong institutional effectiveness, high-quality human capital, and substantial fiscal and monetary buffers. Rising U.S. protectionism is a key risk to Canada's GDP outlook, but in our view, the economy's wealth and resilience enable it to adjust to most realistic scenarios of North American Free Trade Agreement renegotiation. We are therefore affirming our ratings, including our 'AAA' long-term and 'A-1+' short-term sovereign credit ratings, on Canada. The stable outlook reflects our expectation of continued economic growth, a gradually cooling housing market, and prudent fiscal stance. On Nov. 20, 2017, S&P Global Ratings affirmed its ratings, including its 'AAA' long-term
