The ratings on the Province of Ontario primarily reflect: The continuing, albeit modest, improvement in net tax-supported debt as a share of GDP (net of cash holdings, but including municipal debt and former Ontario Hydro Inc. guaranteed debt) to about 29% in fiscal 2003 from 31% a year ago, and the expected further decline in this ratio to about 26% by the end of fiscal 2004 (year ending March 31, 2004). The province's strong economic performance in recent years and ongoing moderate growth in 2003, despite the U.S. slowdown and the effects of the recent severe acute respiratory syndrome outbreak in Toronto. Ontario's economy performed better than the national average last year, having posted real GDP growth of 3.9%, and
