We expect the City of Brampton's fast-growing economy to pressure the city's capital program in the next two years, leading to modest after-capital deficits and a higher debt burden. At the same time, we expect operating performance and liquidity balances to remain healthy. We are affirming our 'AAA' long-term issuer credit rating on the city and maintaining a stable outlook. On Oct. 9, 2019, 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 Brampton's expanding capital plan will result in modest after-capital deficits and a higher debt level of 20% of operating revenues by 2021. At the same
