Media Release: Ontario's Credit Rating Reaffirmed


[La version française suit le texte anglais.]


TORONTO, September 8, 2021 - Today, the Financial Accountability Office of Ontario (FAO) released its 2021 update on Ontario’s credit rating.

Ontario’s debt is rated by four principal international credit rating agencies, based on their assessments 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.

Although the COVID-19 pandemic has weakened Ontario’s fiscal position, the four credit rating agencies have all recently reaffirmed their ratings for the province in updated assessments and maintained the province’s outlook as stable.  Based on a standardized scale, Ontario's debt is currently rated AA- (fourth highest rating) by DBRS Morningstar, Moody’s and Fitch Ratings, and A+ (fifth highest rating) by S&P Global Ratings.

While Ontario’s credit rating has remained unchanged during the pandemic, all four agencies highlighted risks to the province’s future credit rating, specifically further increases in the debt burden or deteriorating debt affordability. Several agencies also highlighted that the government’s extended recovery plan, which projects a balanced budget in 2029-30, puts the province’s finances at risk from a potential future economic downturn.

To learn more, read the full report here.

Quick Facts:

  • Credit rating agencies highlighted Ontario’s large and diversified economy, the government’s flexibility to adjust both tax policy and program spending, and the province’s high liquidity and prudent debt management program as key strengths behind the province’s credit rating.
  • Ontario’s credit rating relative to other provinces improved in 2021, moving up from the sixth to the fifth highest rated province.

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:
Anna Giannini  l  647.527.2385  l  |