Standard&Poor's Ratings Services today said the Ontario (AA/Stable/A-1+) government's decision to call off the sale of 49% of Hydro One Inc. is not expected to affect the ratings on the province. Although the financial impact of the proposed legislation on the province is not currently material, some additional measures will be needed to maintain Ontario's balanced budget objective for fiscal 2003 (year ending March 31). In its current budget, the province allowed for C$2.4 billion in revenues from potential asset sales. With the Hydro One sale abandoned, the government will have to make up the revenue shortfall elsewhere, to achieve balance this year. Also, Standard&Poor's believes the opportunity has been missed for a one-time reduction in
