Forex
Ontario Secures Top Short-Term Rating for Euro Commercial Paper Program
Ontario has secured a top short-term rating for its new Euro commercial paper program, adding another funding channel in multiple currencies.
The program allows issuance of up to CAD6 billion equivalent in notes payable from the province's consolidated revenue fund.
Fitch assigns 'F1+' rating to Ontario's new Euro CP program, aligning with its Short-Term Foreign Currency IDR and 'AA-' Long-Term ratings.
Ontario's rising ELB metric, from 81.3% in fiscal 2025 to 96% by 2030, reflects higher federal borrowing, while fiscal debt burden remains high at 220%.