Provinces and Municipalities

DBRS Comments on Drummond Report: A Considerable Task Ahead, Especially if Tax Increases Are Excluded	Feb 16, 2012
DBRS 2011 Corporate Year in Review: �Surprisingly Neutral Performance�	Jan 10, 2012
DBRS Round Table Consensus: Canada Not Immune to Sovereign Debt Fallout	Dec 1, 2011
DBRS 2011 Study on Federal and Provincial Governments: If Growth Falters, Will Resolve Hold?	Nov 1, 2011
DBRS Credit Luncheons: Key Themes Highlighting Canadian and Global Credit Risks and Trends	Oct 28, 2011
DBRS Updates Provincial Government Fact Sheet	Oct 7, 2011
DBRS Confirms Alberta at AAA and R-1 (high)	Oct 5, 2011
DBRS Updates Canadian Municipal Government Fact Sheet	Sep 27, 2011
DBRS Announces Topics for Upcoming Credit Lunches across Canada	Sep 27, 2011
DBRS Confirms City of Edmonton at R-1 (high) and AA (high)	Sep 27, 2011

Alberta, Province of	Oct 5, 2011
Edmonton, City of	Sep 27, 2011
Vancouver, City of	Sep 23, 2011
Saskatchewan, Province of	Sep 7, 2011
Toronto, City of	Aug 25, 2011
Prince Edward Island, Province of	Aug 24, 2011
Manitoba, Province of	Aug 22, 2011
Newfoundland and Labrador, Province of	Jul 26, 2011
Province de Qu�bec	Jul 7, 2011
Qu�bec, Province of	Jul 7, 2011

Issuer	Debt Rated	Action	Rating	Trend	Date
Alberta, Province of	Short-Term Debt	Confirmed	R-1 (high)	Stb	Oct 5, 2011
Alberta Capital Finance Authority	Long-Term Obligations (bsd on Prov. Alta)	Confirmed	AAA	Stb	Oct 5, 2011
Alberta Capital Finance Authority	Short-Term Liabilities (bsd on Prov. Alta)	Confirmed	R-1 (high)	Stb	Oct 5, 2011
Alberta, Province of	Long-Term Debt	Confirmed	AAA	Stb	Oct 5, 2011
Edmonton, City of	Commercial Paper	Confirmed	R-1 (high)	Stb	Sep 27, 2011
Edmonton, City of	Long-Term Debt	Confirmed	AA (high)	Stb	Sep 27, 2011
Vancouver, City of	Long-Term Debt	Confirmed	AA	Stb	Sep 23, 2011
Vancouver, City of	Commercial Paper	Confirmed	R-1 (middle)	Stb	Sep 23, 2011
Saskatchewan, Province of	Short-Term Debt	Confirmed	R-1 (high)	Stb	Sep 2, 2011
Saskatchewan, Province of	Long-Term Debt	Confirmed	AA	Stb	Sep 2, 2011

DBRS Corporate 2011 Year in Review and 2012 Outlook	Jan 10, 2012
If Growth Falters, Will Resolve Hold? � 2011 Canadian Federal and Provincial Governments Overview	Nov 1, 2011
The Canadian Short-Term Debt Market � 2010	Apr 7, 2011
2010 DBRS Corporate Rating Transition and Default Study	Mar 31, 2011
DBRS Corporate 2010 Year in Review and 2011 Outlook	Jan 20, 2011
Time for the Hard Work to Begin: 2010 Canadian Federal and Provincial Governments Overview	Dec 20, 2010
Canadian Private Pension Plans in 2009 � Performance Maintained, Challenges Remain	Jun 17, 2010
The Canadian Short-Term Debt Market - 2009	Apr 14, 2010
DBRS Corporate 2009 Year in Review and 2010 Outlook	Feb 3, 2010
Restoring Fiscal Balance � Easier Said Than Done: 2009 Canadian Federal and Provincial Governments Overview	Dec 21, 2009