The ratings on the Province of Ontario reflect the following: The new Liberal government's stated commitment to reduce the current large budgetary deficit within its four-year term, with revenue growth expected to outpace spending increases in this period. Expenditure restraint measures to be identified as part of the government's new program review will affect most government ministries, leaving program spending growing at a modest 1.9% per year on average through fiscal 2008 (year ending March 31). The government's efforts to date in improving the transparency of its financial statements by having an independent audit of the province's finances conducted in October 2003; by consolidating the debt of the former Ontario Hydro into the province's tax-supported debt numbers in the current
