The ratings on the Province of Ontario primarily reflect the following: Strong fiscal performance in the past three years, in large part due to ongoing spending control measures by the Progressive Conservative government to reduce the size of government and increase the efficiency of the delivery of services. At the same time, substantial personal and corporate income tax cuts likely contributed to strong economic performance, which in turn helped the current government deliver its third-consecutive reported budgetary surplus at the end of fiscal 2002 (year ended March 31, 2002). The ongoing decline in net tax-supported debt as a share of GDP (net of cash holdings, but including municipal debt and former Ontario Hydro guaranteed debt) to about 28% by the
