The ratings on the City of Regina, the capital of the Province of Saskatchewan (AA/Stable/A-1+), reflect the city's very healthy operating and after-capital expenditure surpluses, and its good economic performance. The ratings also reflect the city's low debt and net creditor position. However, Standard&Poor's Ratings Services expects debt to rise; Regina could also possibly lose its net creditor status, which constrains the rating. Regina's annual operating surpluses have held steady at about 17% of operating revenues since 2005. During the same period, the city's balance after-capital surpluses have annually averaged more than 5% of revenues. Nevertheless, the city has a significant infrastructure deficit, which it estimates at about $1.6 billion (including rehabilitating existing, and the need for new,
