The ratings on the Province of Ontario reflect the following: -- The government's commitment to preserving budgetary surpluses both in the near and medium term, even as it deals with a rapid slowdown in budgetary revenues brought on by the deteriorating economic outlook. This has been demonstrated through meeting or exceeding deficit and debt targets since 1996. The government is expected to continue to demonstrate its future commitment to maintaining a fiscal balance by taking corrective actions to ensure Ontario finances remain on track. -- The rapid decline in the province's net tax-supported debt burden (net of cash holdings, but including municipal debt and Ontario Electricity Financial Corp. (OEFC). guaranteed debt) to 27.6% of GDP in fiscal 2002 from its
