We expect the federal government's limits on immigration will curtail Prince Edward Island's (PEI) economic growth, with trade tensions adding further uncertainty. This should result in somewhat higher operating deficits over the next two years and, coupled with record capital investment, elevated deficits after capital accounts. Accordingly, S&P Global Ratings revised the outlook to stable from positive and affirmed its 'A' long-term issuer credit and senior unsecured debt ratings, and its 'A-1' short-term issuer credit rating on PEI. The stable outlook reflects our expectation that the uptick in operating and after-capital deficits will moderate beginning in fiscal 2028 and increased debt will remain manageable with a debt burden of about 150% of total revenues. On May 1, 2025, S&P Global
