On May 16, 2006, 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: As-expected budgetary performances in the past three fiscal years, period ended March 31, 2006. In fiscal 2006, the province continued to make incremental progress at reducing its overall deficit and reverted to a small operating surplus. In Standard&Poor's adjusted terms, the province recorded a small surplus of 2.9% of revenues in fiscal 2006, which represented a significant turnaround from the deficit of 7%
