We are revising our outlook on the City of Brampton to stable from negative. We are also affirming our 'AAA' long-term issuer credit rating on the city. The outlook revision reflects our forecast of very strong budgetary performance, particularly after-capital balances, which we expect will average a slight surplus in our 2013-2017 base-case scenario. The outlook revision also reflects our expectation that Brampton will not issue material external debt in the next two years such that our measure of tax-supported debt will remain less than 30% of adjusted operating revenues. On Nov. 26, 2015, Standard&Poor's Ratings Services revised its outlook on the City of Brampton, in the Province of Ontario, to stable from negative. At the same time,
