On Nov. 8, 2002, Standard & Poor's Ratings Services affirmed its single-'A' long-term issuer credit and senior unsecured debt ratings on the Province of Prince Edward Island (PEI). At the same time, the global scale 'A-1' and Canadian national scale 'A-1(Mid)' commercial paper ratings also were affirmed. The outlook is stable. The ratings reflect a good economic performance during the past five years, a tax-supported debt-to-GDP ratio that is comparable with similarly rated Canadian and international peers, and the strong revenue support provided by the Canadian federal system. Offsetting these strengths, however, is a slight deterioration in budgetary performance in the past two fiscal years, which resulted in a modest increase in tax-supported debt as a share of GDP. The
