We are revising the outlook on the City of Regina to stable from negative. The outlook revision reflects the city's history of strong after-capital account surpluses, which we expect to continue in the next two years. It also reflects a strong likelihood that the province will provide permanent relief options for the city's unfunded multiemployer pension plan liabilities, resulting in significantly lower annual payments by the city, although the timing of this relief is uncertain. The stable outlook also reflects our expectation that Regina's healthy economic performance will be sustained, its operating balances and liquidity will remain strong, its debt burden will continue to be moderate, and that the city's large unfunded pension liabilities will be contained. We are affirming
