DBRS confirms Ontario

DBRS said it confirmed the long- and short-term debt ratings of the Province of Ontario at AA (low) and R-1 (middle), respectively.

The trend is stable.

Ontario remains on track with its fiscal recovery plan, which is the slowest of all provinces, the agency said. The province's credit profile has begun to stabilize and the risk of further material erosion has diminished meaningfully.

While deficits are projected to continue for several years, better-than-expected results thus far and a supportive economic recovery have helped to lessen the impact on Ontario's debt-to-GDP ratio, which now stands at its highest level on record, the agency added.

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