On Oct. 24, 2008, Standard&Poor's Ratings Services affirmed its 'AA+' long-term issuer credit and senior unsecured debt ratings on the City of Regina, the capital of the Province of Saskatchewan (AA/Stable/A-1+). The outlook is stable. The ratings on Regina reflect the city's very healthy operating and after-capital expenditure surpluses, and its good economic performance. The ratings also reflect the city's low debt and net creditor position. However, Standard&Poor's expects debt to rise; Regina could also possibly lose its net creditor status, which constrains the rating. Regina's annual operating surpluses have held steady at about 17% of operating revenues since 2005. During the same period, the city's balance after-capital surpluses have annually averaged more than 5% of
