Media Release: Ontario's Credit Rating Reaffirmed

FOR IMMEDIATE RELEASE:                                                                      

[La version française suit le texte anglais.]


TORONTO, August 25, 2020 – The Financial Accountability Office (FAO) has released a report providing an update on Ontario’s credit rating amid the COVID-19 pandemic.

Ontario’s debt is rated by four principal international credit rating agencies, based on their assessment of the province’s economic and financial outlook, and future risks. These credit ratings represent the agencies’ opinions on Ontario’s ability to meet its debt-related financial obligations.

Despite a sharp economic downturn and significant deterioration in the Province’s finances due to the COVID-19 pandemic, all four credit agencies have recently reaffirmed Ontario’s credit rating, currently rated AA- by DBRS Morningstar, Moody’s and Fitch Ratings, and A+ by S&P Global Ratings.

However, all four credit-rating agencies have highlighted that Ontario’s future credit rating remains contingent on having a fiscal consolidation plan for the post-pandemic period that includes steady decreases in the budget deficit and a lower debt burden.

To read the full report, click here.

Quick Facts:

  • Credit rating agencies have highlighted Ontario’s diversified economy, broad access to credit markets, prudent debt management practices and the support of the federal government as key drivers behind maintaining Ontario’s credit rating.
  • Ontario’s credit rating relative to other Canadian provinces was unchanged in 2020, ranking sixth among the 10 provinces.

About the FAO

Established by the Financial Accountability Officer Act, 2013, the Financial Accountability Office (FAO) provides independent analysis on the state of the Province’s finances, trends in the provincial economy and related matters important to the Legislative Assembly of Ontario. Visit our website at and follow us on Twitter at


For further information, please contact:
Jessica Martin | 647.527.2385 | |