On Feb. 19, 2003, Standard & Poor's Ratings Services affirmed its 'AA+' long-term issuer credit and senior unsecured debt ratings on the City of Regina, located in the Province of Saskatchewan, based on Regina's remarkably low debt level and increasing liquidity support. The outlook is stable. The ratings on Regina take into account its low level of debt, robust and increasing liquidity support, impressive budgetary performances, and strong management team. The local economy's reliance on the public sector for employment and output and the drought-related challenges facing the provincial economy counterbalance some of these credit strengths. Regina has made very impressive long-term debt reductions: tax-supported, total municipal, and net debt burdens have improved quite dramatically since 1998. At the end
