Moody's downgrades Ontario's credit rating - WAOW - Newsline 9, Wausau News, Weather, Sports

Moody's downgrades Ontario's credit rating

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TORONTO (AP) -

Credit rating agency Moody's has downgraded Ontario's debt, a day after Standard and Poor's revised its outlook on the Canadian province from stable to negative.

Ontario is facing a CA$15 billion (US$15.24 billion) deficit this year. The Liberal provincial government introduced a budget last month outlining their plan to rebalance the books in 2017-18.

Moody's said Thursday that it's concerned about the government's ability to rein in spending and achieve a balanced budget by 2017-18. The agency downgraded the province to Aa2 from Aa1.

Canada's federal government, in better shape than the country's most populous province, has said it will balance the country's books by 2015.

Moody's put Ontario on credit watch last fall.

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