Large and well-diversified economy Improved transparency in financial reporting No unfunded liabilities in public pension plans Good access to capital markets Large tax-supported and total public debt burden Below-average budgetary performances in the past five years compared with peers Large infrastructure requirements The ratings on the Province of Ontario reflect: As-expected budgetary performances in the past three fiscal years, period ended March 31, 2006. In fiscal 2006, the province continued to make incremental progress at reducing its overall deficit and reverted to a small operating surplus. In Standard&Poor's Ratings Services' adjusted terms, the province recorded a small surplus of 2.9% of revenues in fiscal 2006, which represented a significant turnaround from the deficit of 7% of revenues recorded
