We are affirming our 'AA+' long-term issuer credit and senior unsecured debt ratings on the City of Ottawa. The ratings reflect our assessment of the city's very strong economy, exceptional liquidity, strong budgetary flexibility, and average budgetary performance. The stable outlook reflects our expectation that, in the next two years, Ottawa's economy will remain stable and operating balances will remain in line with historical averages at above 5% of operating revenues and after-capital deficits will remain at less than 10% of total revenues. On April 23, 2015, Standard&Poor's Ratings Services affirmed its 'AA+' long-term issuer credit and senior unsecured debt ratings on the City of Ottawa, in the Province of Ontario. The outlook is stable. The ratings on
