Supporting the ratings on the Province of Ontario are what Standard&Poor's Ratings Services views as Ontario's large, wealthy, and well-diversified economy, which continued to grow, albeit at a moderate pace, in 2012; ongoing transfer payment support from the federal government for various social programs; adequate liquidity support; and exceptional access to capital markets. The provincial government estimates that real GDP growth slowed to 1.6% in 2012 from a 1.8% gain in 2011. The government is forecasting real GDP growth to advance at a more tepid pace of 1.5% in 2013. While recognizing that the sluggish growth in the U.S. and the European recession pose risks to the economic outlook, Standard&Poor's Ratings Services believes that the government's
