The Province of Ontario has a very strong economy and strong financial management, average budgetary flexibility, low contingent liabilities, and very high debt burden. We are affirming our ratings on Ontario, including our 'AA-' long-term and 'A-1+' short-term issuer credit ratings. The negative outlook reflects the possibility that under our base-case scenario Ontario may not be successful in implementing cost reduction and revenue measures on a sufficiently timely basis for it to meet its stated fiscal targets by reducing its current after-capital deficit below the 15.5% achieved in 2014. On July 21, 2014, Standard&Poor's Ratings Services affirmed its 'AA-' long-term issuer credit and senior unsecured debt ratings on the Province of Ontario. At the same time, Standard&
