We are affirming our 'AA+' long-term issuer credit and senior unsecured debt ratings on the City of Regina. In part, the ratings reflect our assessment of the city's exceptional liquidity; very strong economy and budgetary performance; strong financial management and budgetary flexibility; and low, albeit rising, debt burden. The stable outlook reflects our expectations that Regina will maintain exceptional liquidity and strong budgetary performance, with after-capital deficits not exceeding 5% of total revenues, and that its tax-supported debt burden will remain less than 60% of consolidated operating revenues. On May 15, 2015, Standard&Poor's Ratings Services affirmed its 'AA+' long-term issuer credit and senior unsecured debt ratings on the City of Regina, in the Province of Saskatchewan. The outlook
