On Oct. 23, 2008, Standard&Poor's Ratings Services affirmed its ratings, including its 'A' long-term issuer credit rating, on the Province of Prince Edward Island (PEI or the province). The outlook is positive. The ratings on PEI reflect the following strengths: PEI's tax-supported debt and direct debt burdens fit well within its Canadian and international peer group in the 'A' category. The province's net tax-supported debt equated to an estimated 33% of GDP at fiscal year-end 2008 (March 31), down from 35% the previous fiscal year. Its direct debt remained flat at 110% of operating revenue in fiscal 2008. The province's debt is poised to increase in fiscal 2009. However, Standard&Poor's expects PEI's debt metrics to stay
