Patrick Brown – S&P has downgraded Ontario’s credit rating from AA- to A+

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Business News

Business NewsQUEEN’S PARK – Ontario PC Leader Patrick Brown issued a statement on Standard & Poor’s downgrade of Ontario’s credit rating:

“The news today that S&P has downgraded Ontario’s credit rating from AA- to A+ is hardly surprising given the Wynne government’s record of economic mismanagement. Time and time again, the Liberals have revealed they have no real plan to either balance the budget or grow Ontario’s economy.  The province cannot afford higher borrowing costs, which means less money for long-term care beds, improving transportation corridors, or making crucial investments to lower hydro rates.  The Wynne Liberals just aren’t in it for ‎Ontarians anymore.”

Earlier, PC Finance Critic Vic Fedeli issued the following statement condemning the government’s debt crisis:

“The Wynne Liberals had a chance with the 2015 Budget to listen to the experts and change direction, but chose not to.  Today’s downgrade acknowledges that Ontario’s deficit has grown from $9.2 billion to $10.5 billion to $10.9 billion under Kathleen Wynne, and that Ontario does not have a revenue problem, it has a spending problem.  It also shows there are consequences to fiscal mismanagement.  Higher borrowing costs mean less money available for the things Ontarians care about, like health care and education.”

The Ontario Government, and Premier Wynne have not issued comment on this move by Standard and Poors.

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