The ratings on the City of Regina, in the Province of Saskatchewan, reflect S&P Global Ratings' view of the city's very strong credit fundamentals, which are anchored by exceptional liquidity, a track record of very strong budgetary performance characterized by high operating surpluses, and a very strong economy that is stabilized by a significant public sector base. The ratings also reflect our assessment of the city's strong financial management and budgetary flexibility and very low contingent liabilities, and the very predictable and well-balanced institutional framework for Canadian municipalities. In our opinion, these factors are partially offset by the city's debt burden, which we expect will peak in 2016 but still remain low overall, relative to that of peers. A key
