Well-diversified economy with growth on the mend Excellent access to capital market, which provides adequate liquidity for the ratings Substantial transfer payments from the Canadian federal system Continuing large expected operating and after-capital deficits for fiscals 2012 and 2013 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: Ontario's economy rebounded in 2010, after bottoming out in mid-2009. The government estimates that real GDP rebounded by 2.8% in 2010 after declining by 3.6% in 2009. According to the government's estimates, real GDP should continue to advance by 2.4%
