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7 STANDARD&POOR"S <br /> RATINGS SERVICES <br /> McGRAW HILL FINANCIAL <br /> RatingsDirect° <br /> ............................................................................................................. <br /> Supplementary Analysis: <br /> County of Essex <br /> Primary Credit Analyst: <br /> Jennifer Love,CFA,Toronto(1)416-507-3285;jennifer.love @standardandpoors.com <br /> Secondary Contact: <br /> Bhavini Patel,CFA,Toronto(1)416-507-2558;bhavini.patel@standardandpoors.com <br /> Table Of Contents <br /> ............................................................................................................. <br /> Rationale <br /> Outlook <br /> Ontario Municipalities Benefit From A Well-Balanced And Predictable <br /> Institutional Framework <br /> Low-But-Improving Economic Diversification <br /> Financial Management Is Neutral For The Rating <br /> Good Budgetary Flexibility <br /> Strong Budgetary Performance <br /> Very Positive Liquidity Contributes To Strong Financial Risk Profile <br /> Low Debt Levels <br /> Minor Contingent Liabilities <br /> Published Rating Factor Scores <br /> Key Statistics <br /> WWW.STANDARDANDPOORS.COM/RATINGSDIRECT DECEMBER 2,2013 1 <br /> 1222892 1301801826 <br />