On May 15, 2003, Standard&Poor's Ratings Services 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, based on the province's recent solid economic performance. The outlook is stable. The ratings on Ontario primarily reflect the following: The continuing, albeit modest, improvement in net tax-supported debt as a share of GDP (net of cash holdings, but including municipal debt and former Ontario Hydro Inc. guaranteed debt) to about 29% in fiscal 2003 from 31% a year ago, and the expected further decline in this ratio to about 26% by
