This is what happens when a Finance Minister (Dwight Duncan) follows the
dictates of the few (Corporate CEOs) and raises taxes on the masses
(i.e. HST) and blows those billions in revenues on the few (corporate
tax deductions) and with nothing to show for it, but this:
Moody's Downgrades Ontario Rating To Aa2
TORONTO - Moody's Investors Service has
downgraded Ontario's debt rating, citing the cash-strapped province's
growing debt burden and risks in achieving its fiscal plan.
is facing a $15-billion deficit this year and the governing Liberals
tabled a budget last month outlining their plan to re-balance the books
Moody's says it's concerned about the government's
ability to rein in spending and stay on track to achieve a balanced
budget by 2017-18.
It says the fiscal plan rests largely on significant expenditure restraint.
the province's expense growth targets appear to be "particularly
ambitious," given the growth in expenses over the last five years.
a result, Moody's says it's downgrading Ontario's issuer and debt
rating to Aa2 with a stable outlook from Aa1 with a negative outlook,
affecting $202 billion in debt securities.
Moody's put Ontario on
credit watch last fall, before the austerity budget that limited
government spending increases to just one per cent a year for the next
Standard and Poor's did the same on Wednesday, revising its Ontario outlook from stable to negative