News Release
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Nipissing MPP and Ontario PC Finance Critic Vic Fedeli commented today on the credit rating downgrade for the Province of Ontario by Fitch Ratings from AA to AA-:
“The downgrade by Fitch to Ontario’s credit rating comes despite several many previous warnings to the Wynne Liberal government to get its house in order from the Ontario PC party, the ratings agencies themselves, the Ontario Chamber of Commerce, and just last week, the Auditor General of Ontario. The Province of Ontario cannot afford higher borrowing costs at a time we have a $12.5 billion deficit and pay $11 billion a year in interest on our debt, and when cuts are already starting to erode health care and other services that we hold dear. Fitch says “difficult actions will be necessary” to meet the government’s deficit elimination target. It’s time for Kathleen Wynne to take substantial action and to start taking the consequences of the fiscal hole she’s dug us into seriously.”
