Friday, December 16, 2011

Ontario's Rating Outlook Cut To Negative by Moody's

Refecting the provinces very weak financial situation, Ontario’s rating outlook has been cut to negative by Moody’s Investors Service as it faces a higher risk in meeting fiscal targets.
The province’s C$190 billion ($183.6 billion) of debt is still maintained at Aa1
Provincial growth in 2011 and 2012 was revised down to 1.8 percent for both periods, from 2.4 percent and 2.7 percent.
Moody’s Assistant Vice President Jennifer Wong:“The negative outlook on the province reflects the softening economic outlook, Ontario’s growing debt burden, and the extended timeframe to achieving a balanced budget,”

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