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 improving economy, support from the federal government, and solid market access. After four consecutive declining quarters, positive real GDP growth returned to the province in the second half of 2009 and ended its first recession since 1991. The stable outlook reflects our expectation that the economy will continue recovering in 2010 and that growth will return to real and nominal GDP. On June 16, 2010, Standard&Poor's Ratings Services affirmed its ratings, including its 'AA-' long-term issuer credit rating, on the Province of Ontario, reflecting its view of the province's improving economy, support from
