TORONTO (Standard&Poor's) May 4, 2007--Standard&Poor's Ratings Services today said it affirmed its ratings on the Province of Ontario, including its 'AA' long-term issuer credit and senior unsecured debt ratings, its 'A-1+' short-term issuer credit and global scale CP ratings, and its 'A-1(High)' Canadian national scale CP rating. The outlook is stable. "Ontario's budgetary performances in the past two fiscal years (ended March 31, 2007) were better than expected, and the improvement is expected to continue in fiscal 2008," said Standard&Poor's credit analyst Mario Angastiniotis. In its most recent budget, the province recorded a somewhat larger-than-expected operating surplus of 6.4% of revenues in fiscal 2007 (Standard&Poor's adjusted), following an operating surplus of 5.7%
