This report supplements our research update "City of Regina 'AA+' Ratings Affirmed On Exceptional Liquidity And Very Strong Economy; Outlook Stable," published May 15, 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 Regina, in the Province of Saskatchewan, reflect Standard&Poor's Ratings Services' view of the city's very strong economy and budgetary performance, strong budgetary flexibility, and exceptional liquidity. The ratings also reflect our assessment of the "very predictable and well-balanced" institutional framework for Canadian municipalities, Regina's strong financial management, and its very
