On June 8, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and the Long-Term Debt rating of the Province of Ontario (Ontario or the Province) at AA (low) and the Short-Term Debt rating at R-1 (middle). DBRS Morningstar also confirmed the Ontario Electricity Financial Corporation’s Long-Term Obligations rating at AA (low) (based on the Province's rating). Concurrently, DBRS Morningstar changed the trends on all ratings to Positive from Stable.
The Province of Ontario released its 2023 budget on March 23, 2023. With the 2023 budget, Ontario is allowing strong revenue growth to accelerate its path to balance, a prudent step in light of mounting economic headwinds. Despite the fiscal improvement, a hefty capital program will keep the debt-to-GDP ratio roughly in line with our previous expectations.
On February 24, 2023, DBRS Limited (DBRS Morningstar) confirmed its ratings on the Series 2007-A1,2006-A1, 2005-A1, 2004-A1, 2003-A2, 2002-A2, 2001-A3, and 2000-A1 Pooled Debentures Ownership Interests issued by Ontario School Boards Financing Corporation at AA (low) with Stable trend.
On December 22, 2022, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and the Long-Term Debt rating of the Province of Ontario (the Province) at AA (low) and the Short-Term Debt rating at R-1 (middle). DBRS Morningstar also confirmed the Ontario Electricity Financial Corporation’s Long-Term Obligations rating at AA (low) (based on the Province's rating). All trends are Stable.
On November 19, 2022, DBRS Limited (DBRS Morningstar) confirmed the Senior Unsecured Debentures rating of Hamilton Health Sciences Corporation (HHSC or the Hospital) at AA (low) with a Stable trend. The rating is based on DBRS Morningstar’s view of HHSC’s importance to the Province of Ontario’s (Ontario or the Province; rated AA (low) with a Stable trend by DBRS Morningstar) healthcare system and strong operational and financial links to Ontario. The rating also reflects the absence of any mater...
After a sharp drop in 2020, as a result of border restrictions for different nations and national Coronavirus Disease (COVID-19)-related strategies, international student recruitment at Canadian universities is again on the rise. As the pandemic unfurled, universities were prompted to close campuses and shift to remote learning, forcing thousands of international students to take the majority of their courses online or choose to defer enrolment. While the trend may persist longer in other parts ...
Most provinces have experienced a dramatic fiscal turnaround and appear well-positioned to outperform budget targets for 2022–23; however, these trends are unlikely to be sustained as the economic outlook becomes increasingly clouded. Notwithstanding these headwinds, the majority of DBRS Morningstar's provincial ratings currently have Stable trends as strong fiscal performance has contributed to financial flexibility at the current ratings.
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