The ratings on Canada reflect Standard&Poor's Ratings Services' opinion of the country's strong public finances, its relatively diversified economy, the stability of public policy, and the financial sector's soundness. In small steps but with sustained direction, Canada improved its fiscal position dramatically in the past two decades. Its general government (all levels, combined) balance went from a deficit of 8% of GDP in 1992 to balance by 1997, followed by a string of balanced-or-better fiscal outturns, unbroken until 2009. Canada's average annual general government surplus was 2% of GDP in 2006-2008, compared with an average deficit of 3% in the U.S. This multiyear fiscal outperformance places Canada in a much stronger position than in the early 1990s, and
