TORONTO (Standard&Poor's) June 17, 2004--Standard&Poor's Ratings Services today said it affirmed its ratings on the Province of Ontario, including the 'AA' long-term issuer credit and senior unsecured debt ratings, the 'A-1+' short-term issuer credit and global scale commercial paper ratings, and the 'A-1(High)' Canadian national scale commercial paper rating. The outlook is stable. "The ratings affirmation follows the new Liberal government's stated commitment to reduce the current large budgetary deficit within its four-year term," said Standard&Poor's credit analyst Mario Angastiniotis. Revenue growth is expected to outpace spending increases for the next four years. In addition, expenditure restraint measures expected to be identified as part of the government's new program review will affect most government
