In our view, the Province of Ontario continues to have a large, wealthy, and well-diversified economy; ongoing transfer payment support from the federal government for various social programs; adequate liquidity support; and exceptional access to capital markets. We are affirming our ratings, including our 'AA-' long-term and 'A-1+' short-term issuer credit ratings on the province. The negative outlook reflects our view regarding the minority legislature's ability in the next year to meet what we view as aggressive cost containment targets necessary for the debt burden to peak in fiscal 2015 as planned. On May 29, 2013, 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. The
