On Dec. 19, 2007, Standard&Poor's Ratings Services revised its outlook on the Province of Prince Edward Island (PEI) to positive from stable, based on the province's strengthening financial results and solid economic performances. At the same time, Standard&Poor's affirmed its ratings, including its 'A' long-term issuer credit rating, on the province. The ratings on PEI reflect the following. PEI's direct and tax-supported debt burdens remain in line with those of its Canadian peers. As of year-end fiscal 2007 (March 31), PEI's net tax-supported debt burden stood at 36% of GDP, virtually unchanged from the previous year. Furthermore, direct debt, relative to operating revenues has increased moderately in fiscal 2007 and should reach about 120% of projected
