We are affirming our 'AAA' long-term issuer credit rating on the City of Brampton. We expect the rating to continue to benefit from a steadily growing economy, very manageable debt burden, and sound liquidity. The stable outlook reflects our expectation that, in the next two years, Brampton's after-capital balances will remain in surplus, on average, and the city will not issue material external debt such that our measure of tax-supported debt will remain less than 30% of adjusted operating revenues. On Oct. 20, 2017, S&P Global Ratings affirmed its 'AAA' long-term issuer credit rating on the City of Brampton, in the Province of Ontario. The outlook is stable. The stable outlook reflects our expectation that, in the next two years,
