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Investor Presentaiton

MOVING MANITOBA FORWARD Credit Ratings Rating Agency Rating Outlook As of Date S&P A+ Stable May 2020 Moody's Aa2 Stable November 2019 DBRS A (High) Stable May 2020 S&P Global Ratings - May 15, 2020 - revised its outlook on the Province of Manitoba to stable from positive. Moody's - August 8, 2019 - affirmed rating with stable outlook DBRS - May 28, 2020 - confirms rating with stable trend Manitoba 12
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