OVERVIEW We are lowering our long-term issuer credit and senior unsecured debt ratings on the Province of Ontario to 'A+' from 'AA-'. At the same time, we are affirming our 'A-1+' short-term and commercial paper ratings on the province. The downgrade reflects our view that Ontario is a sustained and projected underperformer on its budgetary performance and debt burden versus domestic and international peers. The stable outlook reflects our expectation that, under our base-case scenario, Ontario will continue to make slow progress in reducing its after-capital deficit in the next two fiscal years and that it will continue with its stated 10-year capital plan. RATING ACTION On July 6, 2015, Standard&Poor's Ratings Services lowered its long-term issuer credit
