The City of Ottawa is on track to complete its largest ever capital project, the Confederation Line, by the end of 2018. We expect large federal and provincial grants to allow the city to fund this project and core investments without placing undue strain on liquidity and debt. As a result, we are affirming our 'AA' long-term issuer credit and senior unsecured debt ratings on Ottawa. The stable outlook reflects our expectation that, in the next two years, Ottawa will only proceed with the next planned transit expansion when it secures compensating grant commitments from senior governments. On April 17, 2018, S&P Global Ratings affirmed its 'AA' long-term issuer credit and senior unsecured debt ratings on the City of Ottawa,
