S&P: Seven Ontario entities view to negative

Standard & Poor's said it revised the outlook to negative from stable on seven government-related entities in the Province of Ontario.

The outlook revisions reflect the April 25 outlook revision to negative from stable on the Province of Ontario, S&P said.

The agency also said it affirmed the AA- long-term rating on these entities, as well as the AA- senior unsecured debt rating on ORNGE Issuer Trust.

The government-related entities with revised outlooks include Durham District School Board, Ontario Infrastructure and Lands Corp., ORNGE, Ottawa Catholic School Board, Simcoe County District School Board, the 55 School Board Trust and York Region District School Board.

These entities are rated on a methodology under which they mostly benefit from a very high likelihood of support from the provincial government thanks to their important policy role and strong link with the province, S&P said.

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