Ontario, Province of -- Moody's Issues Annual Report on the Province of Ontario

Toronto, June 19, 2013 -- Moody's Investors Service says in its annual report on the Province of Ontario that the Canadian province's Aa2 rating, with a stable outlook, is supported by high debt affordability and significant fiscal policy flexibility. The rating agency says that while substantial consolidated deficits and cash financing requirements are expected to continue to add to the province's stock of debt over the next several years, the province's debt burden remains manageable given its credit strengths. The rating is supported by the province's significant fiscal policy flexibility, which provides it the ability to make adjustments to both the revenue and expenditure sides of its fiscal plan in response to changing conditions. In addition, Ontario's large and diversified economy provides access to a large and productive tax base that supports the Aa2 rating.

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