This report supplements our research update "City of Ottawa Ratings Affirmed At 'AA+' On Very Strong Economy And Exceptional Liquidity; Outlook Stable," published April 23, 2015. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on the City of Ottawa, in the Province of Ontario, reflect Standard&Poor's Ratings Services' opinion of the city's very strong economy, exceptional liquidity, and strong budgetary flexibility. The ratings also reflect our view of the "very predictable and well-balanced" institutional framework for Canadian municipalities, our assessment of the city's strong financial management. We
