We are affirming our ratings, including our 'A+' long-term issuer credit rating, on the Province of Ontario. The affirmation reflects Ontario's very strong and diversified economy, strong financial management, low contingent liabilities, and adequate liquidity. The stable outlook reflects our expectations that the province's liquidity will continue to be average in the next two years, real GDP growth will be above 2%, and operating revenue growth will lead to operating surpluses beginning in fiscal 2017 and further declines in debt burdens. On June 1, 2016, S&P Global Ratings affirmed its 'A+' long-term issuer credit and senior unsecured debt ratings on the Province of Ontario. At the same time, S&P Global Ratings affirmed its 'A-1+' short-term and commercial paper ratings on
