This report supplements our research update "City of Regina 'AA+' Ratings Affirmed On Strong Economy And Budgetary Performance; Outlook Stable," published May 29, 2013. 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 Regina, in the Province of Saskatchewan, reflect Standard&Poor's Ratings Services' view of the city's strong economy, budgetary performance, and budgetary flexibility; and "very positive" liquidity. The ratings also reflect our assessment of the "predictable and well-balanced" institutional framework for Canadian municipalities, Regina's "positive" financial management, and its modest contingent liabilities. In
