We are affirming our ratings, including our 'AA-' long-term issuer credit rating, on the Province of Ontario. The affirmation reflects our view of the province's better-than-expected fiscal results. The stable outlook reflects our expectation that the economy will continue recovering in 2011 and that Ontario will continue to improve its fiscal results. On April 20, 2011, Standard&Poor's Ratings Services affirmed its ratings, including its 'AA-' long-term and 'A-1+' short-term issuer credit ratings, on the Province of Ontario. At the same time, we affirmed the 'AA-' senior unsecured issue ratings on the Ontario Electricity Financial Corporation. The outlook is stable. The ratings on Ontario reflect Standard&Poor's opinion of the following credit strengths: Ontario's economy rebounded in 2010,
