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financing sTRATEgy

Market

Coupon %

Maturity

the currency)

Can$

6.25

2010

2 631

6.0

2012

2 122

5.25

2013

2 152

5.50

2014

2 500

5.0

2015

2 500

6.0

2029

2 737

6.25

2032

4 200

5.75

2036

3 083

US$ Global

6.125

2011

1 000

4.875

2014

1 000

4.60

2015

1 000

5.0

2016

1 250

7.5

2029

1 500

Euro

5.625

2011

1 500

4.25

2013

1 000

3.625

2015

1 500

3.375

2016

1 500

ENsURE LIQUIDITy

  • Regular presence on major markets:

    • with large issues;

    • and re-opening of existing issues.

  • Long-term relations with Québec’s financial partners.

  • Satisfaction of investors’ needs.

  • Promotion of Québec securities:

    • promotion documents;

    • meetings with investors;

    • involvement of banks and brokerage firms in these activities.

some BenchmaRk issues on maRkets

Amount issued (millions of units of

cRedit Ratings

Agency

Rating

Standard & Poor s

A+

Moody’s

A1

Fitch

AA-

Dominion Bond Rating Service

A

Japan Credit Rating Agency

AA+

Outlook Stable Positive Stable Stable Stable

hIgh CREDIT QUALITy

« The rating reflects the improvement in the province’s long-term financial performance which has supported a gradual easing in its debt burden. »

Moody’s, November 4, 2005

« T h e r a t i n g s o n t h e P r o v i n c e o f Q u e b e c a r e s u p p o r t e d b y t h e p r o v i n c e large and well-diversified economy. » s

Standard & Poor’s, June 8, 2005

RECOgNITION OF ThE QUALITy OF CREDIT By FINANCIAL MARkETs

  • In 2005, Québec received two awards for its financing transactions on foreign markets, reflecting the credibility that Québec has earned on these markets:

    • International Financing Review (IFR) awarded it the “Swiss Franc Bond of the Year” for its August 2005 transaction;

    • for its October 2005 issue of bonds in euros, Euroweek magazine awarded Québec the prize for “Best Sub-Sovereign, Municipal Bond”.

ECONOMIC AND FINANCIAL PROFILE OF QUÉBEC

FINANCINg

19

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