Large and well-diversified economy with solid long-term prospects Substantial transfer payments from the Canadian federal system Adequate liquidity for the ratings, with reliable access to capital markets Substantial operating deficits resulting from economic downturn and revenue decline Short-to-medium-term revenue weakness from tax reform Rapid rise in debt and debt burden from operating deficits and fiscal stimulus In Standard&Poor's Ratings Services' opinion, the ratings on the Province of Ontario reflect the following credit strengths: Ontario has a large and well-diversified economy, with depth and scale in many sectors. Despite the recession, we believe that the provincial economy has a number of key strengths, including a large, well-educated workforce; and proximity to key north-eastern U.S. markets. For 2008, economic indicators
