Ontario downgraded by Fitch

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Credit agency Fitch has downgraded the long-term debt rating for Ontario over concerns that the provincial government may not hit targets for balancing the budget. The Liberal government expects to get the books to balance by 2017-18 but Fitch says that it will have more limited options available to try to eradicate the $12.5 billion deficit in the proposed timescale. Ontario’s credit rating has been downgraded from AA to AA- however Fitch has noted that the government have demonstrated ability in tackling the deficit and have changed the outlook forecast from ‘negative’ to ‘stable’. Read the full story. 

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