Well-diversified economy Excellent access to capital market, which provides good access to liquidity for the ratings Substantial transfer payments from the Canadian federal system Continuing large expected operating and after-capital deficits Rapidly rising debt and debt burden from operating and after-capital deficits Fiscal recovery that depends on long-term aggressive cost containment Supporting the ratings on the Province of Ontario are what Standard&Poor's Ratings Services view as Ontario's large, wealthy, and well-diversified economy, which continues to recover, albeit unevenly, from the recession, ongoing support from the federal government, and positive liquidity. The provincial government estimates that real GDP slowed to 1.8% in 2011 from a 3.0% gain in 2010. The government is forecasting real GDP growth to advance a
