Well-diversified economy with growth on the mend Exceptional access to capital markets, which provides support for the ratings Substantial transfer payments from the Canadian federal system Continuing large after-capital deficits in fiscal 2013 and expected in 2014 Rapid rise in debt and debt burden from large after-capital deficits Fiscal recovery that depends on long-term aggressive cost containment Supporting the ratings on the Province of Ontario are what Standard&Poor's Ratings Services views as Ontario's large, wealthy, and well-diversified economy, which continued to grow, albeit at a moderate pace, in 2012; ongoing transfer payment support from the federal government for various social programs; adequate liquidity support; and exceptional access to capital markets. The provincial government estimates that real GDP growth
