This report supplements our research update "City of Ottawa 'AA+' Ratings Affirmed On Stable Economy And Very Positive Liquidity; Outlook Stable," published May 1, 2014. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on the City of Ottawa, in the Province of Ontario, reflect Standard&Poor's Ratings Services' view of the city's exceptionally stable economy, "very positive" liquidity and "positive" financial management. We believe Ottawa's relatively low budgetary performances, comparatively high contingent liabilities, and increasing tax-supported debt burden constrain the ratings. Ottawa, Canada's capital, enjoys exceptional long-term economic
