As commenter DaveW said:
"I live in Ontario and I blame the Ontario voters. Reward corruption and tax and spend, you get more of the same. Most people haven't a clue what is going on. They see higher electrical rates and they blame Harper, Ontario permit costs are going up and they blame Harper, gas plant scandal ... must have been Harper. It seems to me that most of the people I talk to in Ontario are so clueless I am surprised they are able to breathe."
With twice the debt of California, Ontario is now the world’s most indebted sub-sovereign borrower
The nation’s most-populous province is keeping a goal of spending $130 billion over the next decade on work such as roads and mass transit in Toronto even after S&P dropped its credit grade this month to the lowest level ever. Yield spreads on some of the province’s debt reached the widest since January after the ratings move.
Ontario, with about 13.7 million residents, wants to carry out some of the projects using public-private partnerships, or P3s, an approach it used to build the athlete’s village for this month’s Pan Am Games in Toronto. While bringing in the private sector may reduce risk or speed up work, Ontario would still have to borrow for the financing.
While Ontario’s population is about one third of California’s, its debt load is more than double that of the biggest U.S. state.
S&P cut Ontario one step on July 6 to A+, the fifth-highest level. The company cited infrastructure spending that will lead to a “very high” 267 per cent debt-to-revenue level in the next two years.