Return of real GDP growth Substantial transfer payments from the Canadian federal system Excellent access to capital market, which provides adequate liquidity for the ratings Substantial expected operating and after-capital deficits for fiscal 2010 and 2011 Rapid rise in debt and debt burden from operating deficits and fiscal stimulus Fiscal recovery that depends on long-term aggressive cost containment The ratings on the Province of Ontario reflect Standard&Poor's Ratings Services' opinion of the following credit strengths: After four consecutive declining quarters, positive real GDP growth returned to the province in the second half of 2009 and ended its first recession since 1991. By the government's estimates, real GDP declined about 3.0% in 2009 from 2008. The unemployment rate rose
