The COVID-19 pandemic will turn the Province of Ontario's GDP and operating revenue growth rates negative in fiscal 2021, and result in rising operating and after-capital deficits and moderate increases in the debt burden in the fiscal 2021-2023 period. We are affirming our 'A+' long-term issuer credit and senior unsecured debt ratings and our 'A-1' short-term debt rating on Ontario. The stable outlook reflects our view that budgetary performance will weaken substantially in fiscal 2021 but begin to improve in the following fiscal year as the economy rebounds, and that the increases in the province's debt burden in the next two years will be moderate. On June 1, 2020, S&P Global Ratings affirmed its 'A+' long-term issuer credit and senior
