Canadian Manufacturing

Financial Accountability Office to report on Ontario’s credit rating

The report will look at the rating since the start of the COVID-19 pandemic

August 25, 2020  The Canadian Press

TORONTO — Ontario’s fiscal watchdog will release a report on Aug. 25 on the province’s credit rating.

The report from the Financial Accountability Office will look at the rating since the start of the COVID-19 pandemic.

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

Finance Minister Rod Phillips said the deficit would be $38.5 billion, up from the $20.5 billion projected in March.

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He said Ontario boosted its spending by billions of dollars to support the health-care sector and help businesses and residents cope with the pandemic.

Premier Doug Ford has said COVID-19 will also scuttle the government’s previous plans to balance the budget by 2023-2024.