On Oct. 15 2004, Standard & Poor's Ratings Services affirmed its 'A' long-term issuer credit and senior unsecured debt ratings on the Province of Prince Edward Island (PEI), based on the province's solid economic results and its moderate but rising debt burden. Standard & Poor's also affirmed its 'A-1(Mid)' Canadian national scale and its 'A-1' global scale CP ratings on the province's C$500 million CP program. The outlook is stable. The ratings on PEI reflect the following credit strengths: PEI's economy matched the national economy in 2003 as real GDP increased 1.9% (compared with 2% nationally), following a stellar result a year earlier (5.7% for 2001û2002). Employment levels increased solidly from 2002-2003 (2.5%), driving the unemployment rate to 11% from
