It may be set to outperform Alberta this year but Ontario is carrying a large debt burden and has just had its credit rating downgraded. The decision by Standard & Poor’s to cut the province’s rating from A+ to AA- reflects the agency’s view that Ontario will be slow to pay down what it owes. That debt is predicted to be 267 per cent of annual revenue and servicing the debt will take up to 9 per cent of operating costs. The province now has the same rating as New Brunswick and Nova Scotia and BMO economist Robert Kavcic says that its debt has risen by more than any other province since the financial crisis. 

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