This report supplements our research update "Province of Ontario 'A+' Ratings Affirmed On Very Strong And Diversified Economy," published on June 1, 2016. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on the Province of Ontario reflect S&P Global Ratings' opinion of the province's very strong and diversified economy, strong financial management, very predictable and well-balanced institutional framework, and low contingent liabilities. The ratings also reflect our view of the province's weak budgetary performances and very high debt burden. Ontario's average budgetary flexibility and adequate liquidity are neutral to
