...The ratings on the City of Ottawa, in the Province of Ontario, reflect Standard & Poor's Ratings Services' opinion of the city's very strong economy, exceptional liquidity, and strong budgetary flexibility. The ratings also reflect our view of the "very predictable and well-balanced" institutional framework for Canadian municipalities, our assessment of the city's strong financial management. We believe the city's average budgetary performance and moderate debt burden and contingent liabilities constrain the ratings. In our view, Ottawa has a very strong economy. In 2013, Ontario's three-year average nominal GDP per capita was more than US$49, 000. We believe Ottawa has an equal or higher per capita GDP than the provincial average based on its high income levels and resulting from the high-value industries in the region. In 2013, we estimate average household income at C$101,105, compared with the Ontario municipal survey average of about C$93,000. By the city's estimates, in 2014 real...
