This report supplements our research update "Province of Ontario Ratings Affirmed At 'AA-/A-1+'; Outlook Negative," published on July 21, 2014. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. Standard&Poor's Ratings Services' ratings on the Province of Ontario are supported by what we view as Ontario's very strong, wealthy, and well-diversified economy, which continued to grow in 2013, albeit at a below-average rate; ongoing support from transfer payments for various social programs from the federal government; and low contingent liabilities. The provincial government estimates that real GDP increased at a
