QUEEN’S PARK — Official Opposition Finance critic Sandy Shaw released the following statement in response to news Thursday afternoon that major credit rating agency Moody’s has downgraded Ontario’s credit rating to Aa3 from Aa2:
“Doug Ford’s meddling has already chilled investor confidence and hurt Ontario’s credit rating. Ford is giving tax breaks to the richest corporations and cash handouts to polluters — and the rest of us will pay for it. A downgraded rating means investors have no confidence in Doug Ford and more public money will be spent servicing debt rather than on the services families depend on.
Moody’s refers to that in its decision, saying 'recent actions undertaken by the province have included measures that reduce revenue levels, adding to budgetary pressure.'
The Liberal government let us down; but this credit rating is forward-looking, which means Doug Ford is now making things even worse.”