We are revising our outlook on the Province of Ontario to negative from stable. At the same time, we are affirming our ratings, including our 'AA-' long-term and 'A-1+' short-term issuer credit ratings on the province. The outlook revision reflects our view regarding the minority legislature's ability to meet what we view as challenging cost containment targets in the next one to two years necessary for the debt burden to peak in fiscal 2015 as planned. On April 25, 2012, Standard&Poor's Ratings Services revised its outlook on the Province of Ontario to negative from stable. At the same time, Standard&Poor's affirmed its ratings, including its 'AA-' long-term and 'A-1+' short-term issuer credit ratings on the province.
