For the second time in 12 months, Ontario's credit rating has been downgraded by a rating agency. Ontario currently holds a AA- Credit rating
Even though the Ontario Government has noted that the province's deficit is $300 Million dollars less than expected, A second rating agency has downgraded Ontario's rating and placed the province on a Credit Watch.
S&P (Standard and Poor's) has downgraded the province from "Stable" to "Negative".
The last credit downgrade that the province faced was last fall, by rating agency Moody's Investor Services (The decision took place before the Liberal government announced the budget).
Finance Minister Dwight Duncan was quoted by the Toronto Sun earlier today:
"We need to embrace this," Duncan said, arguing the downgraded outlook from stable to negative was not as important as the credit rating itself, which remains AA-.