We are lowering the long-term issuer credit and senior unsecured debt ratings on the Province of Ontario to 'AA-' from 'AA'. The downgrade reflects our view of the sharp deterioration in the province's current and projected fiscal performances. The stable outlook reflects our expectation that the revenues and deficits projected for fiscals 2010-2012 will not deteriorate significantly from those in the government's recent fiscal update. On Oct. 29, 2009, Standard&Poor's Ratings Services lowered its long-term issuer credit and senior unsecured debt ratings on the Province of Ontario to 'AA-' from 'AA'. The outlook is stable. At the same time, Standard&Poor's affirmed its 'A-1+' global scale and 'A-1(High)' Canada national scale ratings on the province. The downgrade
