On May 4, 2007, Standard&Poor's Ratings Services affirmed its ratings on the Province of Ontario, including its 'AA' long-term issuer credit and senior unsecured debt ratings, its 'A-1+' short-term issuer credit and global scale CP ratings, and its 'A-1(High)' Canadian national scale CP rating. The outlook is stable. The ratings on Ontario reflect: Better-than-expected budgetary performances in the past two fiscal years (ended March 31, 2007), which are expected to continue in fiscal 2008. In its most recent budget, the province recorded a somewhat larger-than-expected operating surplus of 6.4% of revenues in fiscal 2007 (Standard&Poor's adjusted), following an operating surplus of 5.7% in fiscal 2006. This improvement represents a dramatic reversal from the string of deficits
