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Moody’s Investors Service has downgraded its credit rating for Ontario.
The credit rating agency announced Thursday that it downgraded the rating to AA2 with stable outlook, down from AA1 with negative outlook.
Moody’s said the government's targets for reining in spending appear "particularly ambitious" and there is a risk the province will not get rid of its $15-billion deficit as scheduled, five years from now.
“The downgrade of Ontario's rating reflects the growing debt burden and the risks surrounding the province achieving its medium-term fiscal plan given the subdued growth outlook, extended timeframe back to balance and ambitious expenditure targets,” said Jennifer Wong, the lead analyst for Ontario and an assistant vice-president at Moody’s.
The move comes just a day after Standard and Poor’s downgraded its outlook for Ontario.
Ontario Finance Minister Dwight Duncan had announced plans to issue a statement after the close of markets on Thursday, prior to the Moody’s announcement.
Yesterday, Duncan had admitted to reporters it was possible that Moody’s and other ratings agencies could react to the challenges the province is facing.
More to come。
http://www.cbc.ca/news/business/story/2012/04/26/toronto-ontario-deficit.html
The credit rating agency announced Thursday that it downgraded the rating to AA2 with stable outlook, down from AA1 with negative outlook.
Moody’s said the government's targets for reining in spending appear "particularly ambitious" and there is a risk the province will not get rid of its $15-billion deficit as scheduled, five years from now.
“The downgrade of Ontario's rating reflects the growing debt burden and the risks surrounding the province achieving its medium-term fiscal plan given the subdued growth outlook, extended timeframe back to balance and ambitious expenditure targets,” said Jennifer Wong, the lead analyst for Ontario and an assistant vice-president at Moody’s.
The move comes just a day after Standard and Poor’s downgraded its outlook for Ontario.
Ontario Finance Minister Dwight Duncan had announced plans to issue a statement after the close of markets on Thursday, prior to the Moody’s announcement.
Yesterday, Duncan had admitted to reporters it was possible that Moody’s and other ratings agencies could react to the challenges the province is facing.
More to come。
http://www.cbc.ca/news/business/story/2012/04/26/toronto-ontario-deficit.html
