UPDATE: Ontario’s credit rating remains steady despite COVID-19

Ontario’s fiscal watchdog says the province’s credit rating has remained stable, despite the costs incurred by the government during the COVID-19 pandemic.

The Financial Accountability Office says all four major international rating agencies have reaffirmed the province’s credit at either AA- or A+, the fifth and sixth highest ratings.

But the FAO says those ratings are contingent on the province’s post-pandemic plan.

Earlier this month, the province announced that its deficit projection had nearly doubled in three months because of COVID-19.

• Ontario projects $38.5B deficit due to COVID-19

Finance Minister Rod Phillips said the pandemic had increased the province’s spending by billions to support the health-care sector and help businesses and residents.