The ratings on the City of Ottawa reflects the city's exceptionally stable economy, its low current debt level, and its liquidity, which is high and expected to remain so. The ratings are constrained by the city's unexceptional surplus from operations, its somewhat limited financial flexibility, and expected increases in debt burden in the medium term. Ottawa, Canada's capital, enjoys uncommon long-term economic stability thanks to the overwhelming predominance of the public sector within the city, primarily through the Government of Canada (AAA/Stable/A-1+) and its agencies. Nevertheless, this stability is less certain than in the past, given the new federal government's campaign promises to reduce growth in non-priority spending. In the past three decades, significant employment in the high-technology sector has
