We are lowering our long-term issuer credit and senior unsecured debt ratings on the City of Ottawa to 'AA' from 'AA+'. The downgrade reflects our expectation of a structural deterioration of the city's budgetary performance in the next two years, with elevated capital spending resulting in more pronounced and sustained after-capital deficits. The stable outlook reflects our view that the city's economy will remain very strong, liquidity will remain sufficient to meet all debt service obligations, and the tax-supported debt burden will rise to about 75% of consolidated operating revenues. On April 29, 2016, Standard&Poor's Ratings Services lowered its long-term issuer credit and senior unsecured debt ratings on the City of Ottawa, in the Province of Ontario, to
