The ratings on the City of Regina, located in the Province of Saskatchewan, take into account its low level of debt, robust and increasing liquidity support, impressive budgetary performances, and strong management team. The city has made very impressive reductions in debt burdens (tax-supported, total municipal, and net debt) since 1998. At the end of fiscal 2001 (year ended Dec. 31, 2001), tax-supported debt had been eliminated; total municipal debt had fallen 44% from the most recent peak in 1998 to 15% of operating revenues. Since 1996, cash and investment holdings have improved considerably and have reached quite robust levels. With the dramatic improvements in liquidity and declines in debt, Regina has become a net creditor, a status it is
