The City of Regina continues to make progress on its extensive capital plan, which will require large capital expenditures (capex), leading to sustained after-capital deficits. The capital plan will also significantly increase the city's reliance on debt as it funds these projects during the next two years. As a result, S&P Global Ratings lowered its long-term issuer credit and senior unsecured debt ratings on Regina to 'AA+' from 'AAA'. The stable outlook reflects our view that, in the next two years, the city's capex will remain elevated and additional borrowing requirements will cause tax-supported debt to rise above 80% of operating revenues. On May 15, 2025, S&P Global Ratings lowered its ratings, including its long-term issuer credit rating, on the
