On June 8, 2004, 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 the city's very strong financial performances, modest debt burden and solid liquidity levels. The outlook is stable. Very strong operating and after-capital performances, a modest and stable debt burden, and solid liquidity levels support Regina's strong ratings. Nevertheless, part of the city's credit strength is offset by the poor performance of its main pension plan and the resulting switch in status from slight surplus to sizeable deficit. Historically, Regina has produced very strong operating and after-capital performances. For 2002, the city generated an operating surplus of 19%
