...- Fiscal consolidation continues under the Progressive Conservative (PC) Party's 2019 budget, although we expect results will weaken in fiscal 2020 as flat growth in personal income taxes and Ontario's exit from equalization more than offset gains from spending restraint. - We expect moderate economic growth in the next two years will spur a return to near-historical rates of operating revenue growth and, with ongoing spending constraint, lead to strengthening budgetary performances and debt burden stabilization. - However, we believe the province's budgetary trajectory could be set back by slower U.S. growth or a weakening of fiscal discipline brought on by new tax measures or increasing opposition to fiscal consolidation. - We are affirming our 'A+' long-term issuer credit and senior unsecured debt ratings and our 'A-1' short-term rating on the Province of Ontario, and maintaining our stable outlook....
