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Fitch Rating Statement: Vic Fedeli, Minister of Finance

Statement

Fitch Rating Statement: Vic Fedeli, Minister of Finance

Ministry of Finance

"Today, the Fitch rating agency announced that they are moving the province from Negative watch to Stable and going to maintain our rating at AA-.

The steps our government has taken to start Ontario down the path to fiscal sustainability are starting to bear fruit. During a meeting with Fitch officials recently, we explained our five-year path to balance, our debt burden reduction strategy, and the initiatives we have already taken to control runaway spending. At the same time, our government is creating a climate that is open for business and open for jobs by lowering taxes, providing training programs that are more focused, and the elimination of unnecessary regulations and red tape. For these and other reasons, Fitch concluded that Ontario's risk profile was "stronger". This comes two days after DBRS confirmed the Province of Ontario at AA (low) with trends on all ratings at Stable. DBRS stated that "The ratings are supported by the Province's diverse and growing economy, effective debt and liquidity management practices as well as the improving direction of fiscal policy." They further added, "The change in fiscal policy is clearly positive from a credit perspective and there appears to be a genuine and credible commitment to addressing the Province's budget imbalances and gradually reduce the debt burden."

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