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TORONTO – The leader of Ontario’s Progressive Conservatives says he will cut corporate income taxes to stimulate job growth in the province if he’s elected premier this spring.

Doug Ford says he will cut rates from 11.5 per cent to 10.5 per cent to help grow the economy and create jobs.

READ MORE: Doug Ford pledges corporate tax cut to boost manufacturing jobs in Cobourg campaign stop

The news comes the same day as a key ratings agency downgraded its outlook on Ontario’s finances to “negative” from “stable” in light of the Liberal government‘s plan to run six consecutive multibillion-dollar deficits.

Moody’s Investor Services says spending pressure will challenge the province’s ability to “sustain balanced fiscal results” over a number of years.

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Moody’s also says financing requirements on the province’s debt – projected to be $325 billion in 2018-2019 – will be larger than previously believed, leading to a faster increase in interest expenses.

Premier Kathleen Wynne defended the government’s pre-election budget, which will run a $6.7-billion deficit in 2018-2019, saying Moody’s change wasn’t a credit downgrade, which would effect borrowing costs for the province.

Moody’s maintained Ontario’s Aa2 issuer and Aa2 senior unsecured long-term debt ratings despite the change in outlook. Ontario heads to the polls on June 7.