We expect that the City of Ottawa will continue to post large after-capital deficits in the medium term as it progresses with its transit-heavy capital plan. Capital expenditures will be partly debt-financed but strong support from senior levels of government will help to keep debt levels manageable. We are affirming our 'AA' long-term issuer credit and senior unsecured debt ratings on the City of Ottawa. The stable outlook reflects our expectations that after-capital deficits will remain below 10% of adjusted total revenues and the tax-supported debt burden will not surpass 120% of consolidated operating revenues in the next two years. On April 25, 2017, S&P Global Ratings affirmed its 'AA' long-term issuer credit and senior unsecured debt ratings on the
