The ratings on the Province of Ontario reflect Standard&Poor's Ratings Services' opinion of the following credit strengths: After four consecutive declining quarters, positive real GDP growth returned to the province in the second half of 2009 and ended its first recession since 1991. By the government's estimates, real GDP declined about 3.0% in 2009 from 2008. The unemployment rate rose to 9.0% in 2009 from 6.5% a year earlier--a level not seen in Ontario since 1996. All other key indicators--employment, retail sales, and fixed capital investment, for example--declined in 2009. The recession's impact was felt chiefly in the construction and manufacturing sectors (vehicle assembly and part production). Nevertheless, we believe Ontario has a large and well-diversified economy with
