The City of Ottawa continues to contend with escalating costs related to substantial transit expansion projects, pressuring its budgetary performance in the near term. However, we expect Ottawa's broad and diverse economy, underpinned by a large public sector and steady population growth, will continue to contribute to an expanding property tax base. S&P Global Ratings affirmed its 'AA+' long-term issuer credit and senior unsecured debt ratings on Ottawa. The stable outlook reflects our expectation that Ottawa's after-capital deficits will begin to moderate in the next two years as transit projects wind down and that revenue growth will help mitigate the increase in the city's debt. On Oct. 15, 2024, S&P Global Ratings affirmed its 'AA+' long-term issuer credit and senior
