On July 6, 2015, Standard & Poor's Ratings Services lowered its long-term
issuer credit rating and senior unsecured debt ratings on the Province of
Ontario to 'A+' from 'AA-'. At the same time, Standard & Poor's affirmed its
'A-1+' short-term and commercial paper ratings on the province. The outlook is
stable.
Overview
- · We are lowering our long-term issuer credit and senior unsecured debt
ratings on the Province of Ontario to 'A+' from 'AA-'.
· At the same time, we are affirming our 'A-1+' short-term and commercial
paper ratings on the province.
· The downgrade reflects our view that Ontario is a sustained and projected
underperformer on its budgetary performance and debt burden versus
domestic and international peers.
· The stable outlook reflects our expectation that, under our base-case
scenario, Ontario will continue to make slow progress in reducing its
after-capital deficit in the next two fiscal years and that it will
continue with its stated 10-year capital plan.
Download the rest of the report.