On June 17, 2004, 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. The outlook is stable. The ratings on Ontario reflect: The new Liberal government's stated commitment to reduce the current large budgetary deficit within its four-year term, with revenue growth expected to outpace spending increases over the period. Expenditure restraint measures to be identified as part of the government's new program review will affect most government ministries, leaving program spending growing at a modest 1.9% per year on average through fiscal 2008 (year
