Fiscal pressures persist, stemming from both operating and capital needs, but we expect the City of Toronto will take the necessary action to maintain healthy operating results and deficits after capital accounts near 10% of total revenues. We consider the projected increase in debt to 76% of operating revenues and use of reserves for capital manageable, while the city's economic strength and senior government funding should continue to support budgetary outcomes. Accordingly, S&P Global Ratings affirmed its'AA+'long-term issuer credit and senior unsecured debt ratings on Toronto, and its'A-1+'global scale and'A-1(High)'Canada scale short-term ratings on the city. The stable outlook reflects our expectation that the city's commitment to balancing budget pressures will not waver, as
