The ratings on the capital of the Province of Saskatchewan (AA+/Stable/A-1+), reflect Standard&Poor's Ratings Services' view of the city's healthy operating and after-capital expenditure surpluses, low debt and net creditor position, and good economic performance. We believe credit weaknesses include significant unfunded postemployment liabilities; our solvency deficit payments concerns; and an expected rise in debt, which might exceed available cash and liquid investments in the medium term. In accordance with generally accepted accounting principles requirements, beginning in 2009, Regina recorded its audited statements on a full accrual basis. Standard&Poor's has made several adjustments to present the figures on a modified accrual basis to better assess the city's debt servicing capacity from operations. We estimate that Regina's
