Credit Ratings

A credit rating is a current assessment of the creditworthiness of a borrower with respect to a specified obligation. It indicates the capacity and willingness of a borrower to pay interest and principal in a timely manner.

Long-term Ratings

Long-term ratings are assigned a letter grade ranging from investment grade, to speculative grade, to highly speculative or default. Ratings within each category may include a “plus” or “minus” (or a high or low) to indicate the relative strength of the rating within that category. The current long-term ratings of the Province of Ontario are as follows:

• Standard & Poor’s Corporation (New York) AA
• Moody’s Investors Service (New York) Aa2
• Dominion Bond Rating Service (Toronto)
N denotes negative trend AA(N)

Short-term Ratings

Short-term ratings are for debt maturities of less than one year. Ratings are graded into several categories, ranging from the highest-quality obligations to default. The current short-term ratings of the Province of Ontario are as follows:

• Standard & Poor’s Corporation (New York) A-1+
• Moody’s Investors Service (New York) P-1
• Dominion Bond Rating Service (Toronto) R-1 (mid)