On Dec. 21, 2006, Standard & Poor's Ratings Services affirmed its 'A' long-term issuer credit and senior unsecured debt ratings and 'A-1(Mid)' Canadian national scale and 'A-1' global scale CP ratings on the Province of Prince Edward Island (PEI), based on the province's moderate debt burden, solid economic results, and improving financial performances. The outlook is stable. The ratings on PEI reflect the following credit strengths: Owing to healthy growth in provincial revenues and the economy, the burden of PEI's direct and tax-supported debt continues to be moderate. At the end of fiscal 2006 (year ended March 31), net tax-supported debt represented 31% of GDP and direct debt stood at 27% of GDP. PEI's moderate debt burden places it in
