On May 23, 2008, Standard&Poor's Ratings Services affirmed its ratings, including its 'AA' long-term issuer credit rating, on the Province of Ontario, based on the province's solid operating results in fiscals 2005 and 2006 and robust economic performances from its large and well-diversified economy. The outlook is stable. The ratings on Ontario reflect the following factors: Ontario produced its second consecutive solid operating surplus in fiscal 2007 (year ended March 31) of 5.6% of operating revenues, which followed an equally solid 5.4% operating surplus in fiscal 2006. The 2007 surplus exceeded the previous year's budget forecast (3.9%) thanks to stronger-than-expected revenue growth. Income tax receipts, both corporate and personal, and federal government transfers were stronger than expected for
