...Credit context and assumptions Base-case expectations A large public sector supporting steady economic growth and effective management practices will support the City of Ottawa's creditworthiness. + The city benefits from a large and stable public sector, steady population growth, and high income levels that foster stability in the region's property tax base despite the negative impact from COVID-19. + Ottawa's long-term financial management practices will continue to allow the region to manage its capital program, while preserving its good budgetary performance and limiting debt issuance. + We believe the city's relationship with the Province of Ontario will remain well balanced and generally supportive. Capital spending will remain elevated and debt will increase during the LRT phase 2 before returning to more normal levels. + We expect the stable economy, which is rooted in the public sector, will continue to support city revenues and expenditures; and the COVID-19 pandemic implications...
