On Aug. 23, 2006, Standard&Poor's Ratings Services affirmed its 'AA+' issuer credit rating on the City of Ottawa. The outlook is stable. The rating on Ottawa reflects the city's exceptionally stable economy, its low current debt level, and its liquidity, which is high and expected to remain so. The rating is constrained by the city's unexceptional surplus from operations, its somewhat limited financial flexibility, and expected increases in debt burden in the medium term. Ottawa, Canada's national capital, enjoys uncommon long-term economic stability due to the overwhelming predominance of the public sector within the city, primarily through the Government of Canada (AAA/Stable/A-1+) and its agencies. This stability, however, is less certain than in the past, given the new
