Sunday, May 29, 2011

Things that make you go hummmmm ontario?

Fitch Ratings has affirmed its ratings on the province of Ontario, but lowered the outlook to negative on fears that it will be tough to achieve fiscal balance.

The province’s ‘AA’ rating is supported by its wealthy, diversified economy, sound financial management, and commitment to return to balanced financial operations and reduce its debt burden, Fitch say.

The rating agency said that the move to a negative outlook reflects its concern that the province “will be challenged in implementing a multiyear financial plan to achieve fiscal balance” by 2018. It notes that the plan will require “considerable, ongoing expenditure restraint in divergence from historical growth trends while achieving forecast revenue targets.”

In addition, Fitch notes that revenues in fiscal 2011 were below target, although expenditures were also less than budgeted.

“The province has a large debt balance and escalating debt burden as a result of recent infrastructure investment and stimulus programs coupled with declines in GDP,” the rating agency says.

Fitch warns that a downgrade could be triggered by either an inability to achieve targets in the plan to return to fiscal balance; or, an unforeseen economic or fiscal shock that delays achievement of fiscal balance.

7 comments:

  1. I forgot to write this earlier and I know it's off topic but...Bruins to the cup baby!

    Fitch is nobody without Abercrombie.

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  2. It's alright, places like Canada and Switzerland will be among the last to be attacked. If ratings agencies were legitimate it might make a piss pot of difference what Fitch says about any entity. If they're questioning the viability of Ontario's economy then we must be doing something right despite a strong dollar. Fuck Fitch Like The Weather Unit, yo!

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  3. "Fitch is nobody without Abercrombie."

    LOL

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  4. HAARP is goin CRAZY right now... its been silent for the past week and now BOOM! Be weary of wicked weather and quakes...

    http://maestro.haarp.alaska.edu/cgi-bin/scmag/disp-scmag.cgi

    Oh yea.... BUY SILVER!!! $50/oz by end of June!

    (Hopefully)

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  5. Fuck Fitch. You could transpose the name of any area around the world. They're all fucked, we all know it, and they come out like it's news to us.
    Fucktards the lot of them.

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  6. This is just an attempt by the American government through Fitch Rating Agency to draw attention away from our own fiscal problems and provide some sort of support for the US dollar while Ben has the printers running. Why do you think they haven't said anything negative about the dollar recently. We continue our ponzi way and the don't say anything.

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