Research Update: City of Vancouver Assigned 'A-1+' Short-Term And Commercial Paper Program Ratings; Other Ratings Affirmed Jan 12

Standard & Poors, January 2012

Abstract
We are assigning our 'A-1+' short-term, 'A-1+' global scale commercial paper (CP), and 'A-1(High)' Canada scale CP ratings to the City of Vancouver. We are also affirming our 'AA' long-term issuer credit and senior unsecured debt ratings on the city. The affirmation reflects our view of Vancouver's progress in reducing the debt the city took on in 2009 for the Olympic Village, recovering local economy, strong liquidity support, solid operating surplus, and much-improved after-capital results in 2010. The city has repaid about C$200 million of the C$480 million of short-term debt issued in 2009 for the Olympic Village. The stable outlook reflects our expectations that the local economy will continue to grow, liquidity levels will remain close to 2009 and...

Companies mentioned in this report are: Vancouver (City of)
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Vancouver (City of)

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