The ratings on Canada reflect Standard&Poor's Ratings Services' opinion of the sovereign's superior political and economic profile and strong flexibility and performance profile, as defined in our criteria (see "Sovereign Government Rating Methodology And Assumptions" published June 30, 2011, on RatingsDirect on the Global Credit Portal). These profile assessments incorporate Canada's high dependence on the U.S. economy. Canada's superior political and economic profile rests, among other factors, on its policymaking and political institutions, which we see as highly effective, stable, and predictable. Canadian authorities have a strong track record in managing past economic and financial crises and delivering economic growth. During the recent global financial crisis and recession, no Canadian financial institution required a government injection of capital
