On June 7, 2005, Standard&Poor's Ratings Services affirmed its ratings on the Province of Ontario, including its 'AA' long-term issuer credit and senior unsecured debt ratings, its 'A-1+' short-term issuer credit and global scale CP ratings, and its 'A-1(High)' Canadian national scale CP rating. The outlook is stable. The ratings on Ontario reflect: The better-than-expected budgetary performance in fiscals 2005 and 2006. The province's overall deficit (Standard&Poor's adjusted and including capital spending) declined to 5.2% of revenues in fiscal year 2005 from 9.2% of revenues in fiscal 2004. This was materially lower than that expected in last year's budget. The province is expecting a further narrowing in the overall budgetary deficit to 3.9% of revenues in
